A recent report released by Canada’s Mortgage and Housing Corporation confirms that housing starts in B.C. are up from December. January starts in urban areas were up by twenty-eight percent in the province during the month compared to the closing of 2011.
According to CMHC’s report, more new residents are opting for multi-family homes, including condos. In total, housing starts in British Columbia were up to 2,045 starts in January; whereas, December saw only 1,605 starts.
As mentioned, most of the starts were in the area of multi-family developments. In Metro Vancouver for instance, multi-family projects were up eight percent.
In January of 2011, Metro Vancouver saw 1,436 starts with 1,256 of them being multi-family developments. This January however, there were 1,555 starts with 1,155 of them being multi-family.
Clearly urban development remains focused on multi-family dwellings in the province. While people continue to downsize, condos and multi-family housing developments remain sought after.
Vancouver realtor groups suggest that the continued trend towards condos for sale Vancouver reflects the needs of both an aging population and younger buyers. Condos for sale Vancouver being the most affordable option for first time buyers and new immigrants.
The older generation is likewise getting in on the smaller condo options as many prefer the smaller space and most especially the lack of maintenance. Homes for sale Vancouver can require not only a heft investment but also a lot of upkeep and many older Canadians are simply looking for something less time consuming.
Property for sale Vancouver continues therefore to cater to these demands and housing starts are simply a reflection of this trend.
During the third quarter of 2011, real estate experts found that the sale of multi-family units was up about forty percent from 2010. New multi-family property sales in Vancouver were recorded at 2,315 units concluded.
Overall in Canada, housing starts were at 197,900 units during January 2012 down slightly from the 199,900 that were started in December.