Starts were high with 1332 units breaking ground during the month.
Completions were low with only 838 units being finished during January.
Units under construction hit another all time high at 25,195. Ridiculous.
Completed and unabsorbed units hit 1407. This is the highest I ever remember - - - so far! The cracks are forming.
2 comments:
Thanks for the graph. I can't believe the number under construction, its like everything is grinding to a sloth's pace. I heard some sections of the Canada Line have been completed ahead of schedule, maybe that will help out with labour for residential projects. Is it still a labour shortage that is slowing a lot of these buildings or is this business as usual in terms of project timelines?
1407 seems like a high number, I don't see a lot for sale by developers, but I guess they are sprinkled all over.
The majority of the 1407 completed but unabsorbed number is in detached homes so I think the bulk of them are in Maple Ridge, Langley, Surrey, Coquitlam, etc. The condos are continuing to sell well.
I think that the completions numbers will start shooting up by the middle of this year.
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