It has been awhile since I updated the CMHC statistics. Here you go.
This chart shows the number of units under construction (blue) from 1948 through 2008. It also shows the last 12 months of housing starts (red) and the last 12 months of completions (yellow).
With the current slowdown in the local real estate market you would think that developers would accelerate completions and hold back on starts but it turns out the opposite has been true of the past six months. I can understand not rushing to push new units into this market but why start so many?
The number of housing units under construction is at all time record highs and there is a virtual tsunami of housing units close to hitting the market. This will flood the supply situation even further than now and combined with the abysmally low sales levels we are looking at large and sustained real estate price decreases for quite some time.