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BC was one of the top three regions of Canada for urban housing starts in September, according to the Canadian Mortgage and Housing Corporation. Multiple units led the charge, particularly in Vancouver and Richmond, but Vancouver is also seeing a lot of single detached housing being torn down and replaced.
Statistics Canada reports that in August the value of residential building permits also went up in Metro Vancouver, although the value of non-residential building permits went down, leading to an overall decrease. Building permits are a major indicator of confidence in the economy, so the fact that developers and builders are looking forward to putting up more new homes is a healthy sign for the housing industry.
© 2011 REW