February was a busy month for developers in the Vancouver area. They started construction on 2,446 new homes and completed only 1,484. This pushed the number of new homes under construction in the Vancouver Census Metro Area to a new record high of 26,560.
The number of completed and unabsorbed homes continues to rise in the Fraser Valley markets of Langley, Surrey, Abbotsford, Maple Ridge and Pitt Meadows. The total number of unabsorbed new homes rose to 1,384 which is 24% higher than last year.
With the number of new homes that will complete soon and the number of unabsorbed units rising, one wonders why developers are starting construction on so many projects.