Developers started construction on 2174 condos and townhouses in February. This, in addition to 272 single family home starts, pushed the number of homes under construction in the Vancouver Census Metro Area to another all time high.
773 of these starts were in Vancouver City.
745 of these starts were in Surrey.
Bring on the supply.
4 comments:
Will be interesting to see the supply ripple through. Don't know if anyone else saw this - looks like another development is on the skids. This time in Kelowna...
http://www.cbc.ca/canada/british-columbia/story/2008/03/09/bc-kelowna-pre-sale-condo.html
Hats off to BNN for scoring an interview with Nuriel Roubini (they don't come much bigger than that).
Some pointers:
The US housing crash will be the biggest since the great D.
The current recession will most likely last 12 to 18 months, and will be nastier than 1991 and 2001.
It will spread globally and kill the appetite for commodities.
So much for "it's different here"
The US housing crash will be the biggest since the great D.
"Will be"? It already is. Well of course it's the first national bust since the GD.
Seems like the banks are still a-financing. Let's see how many actually break ground.
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