CMHC released their monthly Housing Now publication for the Vancouver / Abbotsford areas this morning and here is the data for the Vancouver Census Metro Area.
Under Construction: 26253 (21910 Condos, 3737 Freehold, 606 Rental)
Completed and not Absorbed: 1445 (up 23% from last April)
I expect we'll see a couple months this year where completions are in the 3000 to 4000 range. This will reduce the number of units under construction and reduce the number of people employed in these residential construction projects. The completions will free up labour and hasten the completion of the remaining projects and these expected completions combined with the wrap up of several billion dollars worth of infrastructure projects will likely push the BC economy into recession by early 2009.
Unprecendented isn't even the right word to describe the current number of units under construction. Bubblicious - perhaps.
The majority of the BC economy is a farce. We have an economy that is built on ever increasing home values, condo speculation, rampant consumption, and the psychology of prosperity without the actual prosperity. Aside from a couple of bright spots like our agriculture, natural gas and mining sectors the BC economy is a house of cards. When the economic winds get blowing like they are now, our house of cards will fall.