CMHC released the nationwide monthly housing statistics and here are the numbers for the Vancouver Census Metro Area.
There were 1730 new dwelling starts during June.
There were 1600 completions during June.
There were 26444 new dwellings under construction in the Vancouver area during June.
I have a feeling that we've seen the cycle highs for dwelling starts and units under construction and it is probably all downhill from here at this point. We can keep an eye on these numbers each month to see if that holds true. There is a lot of current inventory which will hold back developers from starting as many projects as they have been and this will free up labour to work on the existing projects. I'm looking for the completions to speed up dramatically by the end of this year and for the units under construction to drop to its normal levels below the annual number of starts and completions. This process will probably take at least 18 months. I expect the prospects for construction employment to be extremely negative by the end of 2009 in the Vancouver area.