VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2008) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures show that ten per cent more homes were started in the first five months of 2008, compared to the same period last year.
While single detached starts continued to trend down, multiple unit home building, particularly apartment condominium building, was well above last year's."High starts and longer completion times have pushed the number of apartment homes under construction to record highs," said Robyn Adamache, senior market analyst with CMHC. "However, an estimated one-half of apartment units underway are pre-sold, and over the past year, virtually all (98%) units were sold within the same month they were completed. This has left a very lean supply of completed and unsold new apartments on the market.
While the supply of unsold new condominiums has been edging up since last year, it remains at less than one-third of the ten-year average."A similar trend is emerging in the Abbotsford CMA, where multiple unit developments have made a resurgence this year, following a slowdown in building last year. As a result, home starts in Abbotsford were up by one-third, compared to the first five months of 2007.