Office Phone: 250-338-5466
Courtenay, British Columbia
Posted: Oct 08, 2010
Victoria Housing Starts Exceeds the 5-Year Historical Average
In September 2010, there were 298 housing starts recorded across urban Vancouver Island centres, according to Canada Mortgage and Housing Corporation (CMHC).
The Victoria CMA continues to drive residential construction activity on Vancouver Island, accounting for 60% of total urban Vancouver Island housing starts in September. Travis Archibald, CMHC Senior Market Analyst states that “Homebuilders and developers in most Vancouver Island urban centres have been busier during the first three quarters of 2010 than a year earlier.” He also states that “While construction activity has rebounded relative to 2009, the Victoria CMA is the only urban Vancouver Island market where year-to-date (January-September) housing starts have exceeded the five-year historical average.”
Nationally, the seasonally adjusted annual rate of total housing starts dipped to 186,400 units in September. In British Columbia, September’s seasonally adjusted rate of urban housing starts moved higher to 26,500 units, from 24,900 units in August.
For more information, and to download CMHC’s housing reports, please visit CMHC.