CMHC publishes housing starts, completions and units under construction every month and the VHB diligently kept some historical records of this and I have decided to carry the torch, so to speak. I think the numbers can help us gauge a part of the supply picture in the local real estate market and thus give us insight into possible future price adjustments.
Units under construction is running near the 22,000 unit level and has been at that level for about a year now. Starts have come down from their highs of over 2000 per month and completions are also running lower. It appears that labor availability is having a negative impact on the ability of developers to complete projects in a timely fashion.
As mentioned in the previous post, population growth has been low so the current construction completions are competing for fewer people than before.
Interesting numbers, I am a little surprised at how low the new people per completion is. Especially considering we have an average household size of 2.6.