CMHC Report

New Home Construction to Stay at High Levels
Vancouver CMA
Solid homebuyer demand will keep
new home construction in the
Vancouver CMA robust into 2008,
with housing starts close to decade
and a half highs. Vancouver’s vibrant
economy is generating jobs and
drawing people to the region. While
homebuilders will continue to face
the challenges of labour availability, as
well as high land and material costs,
strong economic conditions in the
region will keep construction up
near 2006 levels in the year ahead.
As existing home sales moderate into
2008, and more listings come on line,
look for less spill-over into the new
home market. However, new
projects continue to sell out quickly,
and many will break ground within
the year.
On the heels of a modest one per
cent dip in new home starts in 2006,
construction in the Vancouver CMA
will remain at high levels over the
0
5
10
15
20
25
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008F
(000′s)
S in gle s M u ltip le s
Sourc e : CM H C
Con struction to R emain a t