The illustrious Canada Mortgage and Housing Corporation released the housing market data for markets across the country last week and here is a synopsis of the Vancouver data.
Starts are falling off a cliff. Only 609 units were started in January 2009 compared to 1332 in 2008.
Completions are accelerating now with 1431 units completed in January compared to only 838 last year.
Units under construction are at near peak levels but falling rapidly as completions outpace starts.
All of the current completions are coming into an oversaturated market now and the number of unabsorbed (unsold) units is continuing to rise. The number of unabsorbed units finished January 2009 at 2401 compared to 1407 last January.
Vancouver real estate market = toast, getting blacker by the day.