Metro Vancouver starts ease along with market state

Wednesday, June 9th, 2010

Derrick Penner

The pace of new-housing construction in Metro Vancouver eased off in May from that of previous months yet remains at a level “in line with market conditions,” Canada Mortgage and Housing Corp. reported Tuesday.

The national mortgage insurer counted 1,173 new homes across Metro Vancouver in May, a dramatic 150-per-cent improvement on the same month a year ago, which was still in the doldrums of B.C.’s housing downturn.

For the year to date at the end of May, builders have started work on 5,631 new homes, which is 103 per cent more than for the same period a year ago.

However, Robyn Adamache, Canada Mortgage and Housing’s senior analyst for Vancouver, said the annualized pace of construction, the estimate for the number of starts that will occur by the end of the year, had slowed some seven per cent compared with April.

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