New home starts up nine per cent in Metro Vancouver

Lower Mainland home builders say strong demand, growing economy has them building as fast as possible

New home construction is running at a fast pace so far this year

New home construction is up significantly so far this year in both Metro Vancouver and the Abbotsford area.

Metro Vancouver has recorded 17,325 home starts for 2015 up to the end of October, according to statistics released by the Canada Mortgage and Housing Corp.

That’s a nine per cent increase from the same 10 months of 2014.

“Everything is as good as we’ve seen it since 2008,” said Bob de Wit, CEO of the Greater Vancouver Home Builders’ Association. “We’re just building as fast as we can.”

Abbotsford has seen a 70 per cent jump, with 564 new units started compared to 333 to the same point in 2014, mainly due to a doubling in single detached house starts.

The new construction in Metro Vancouver was dominated by the 13,416 multi-family units – those condos and townhouses account for more than three quarters of this year’s activity.

But de Wit said all types of construction have been strong, crediting the growing economy, steady growth in household formation and housing demand from buyers that has outstripped the supply on the market.

Within Metro, Surrey has recorded 4,035 starts, followed by Vancouver at 3,807 and Richmond at 2,041. Surrey saw a big jump in multi-family starts, and they were also up significantly in Delta, North Vancouver City and Burnaby.

Just Posted

Langley driver victorious at California

Fifth win in GT3-class SCCA National Championship Runoffs for Collin Jackson

BC Ferries passengers wait to leave Vancouver Island after Remembrance Day

Traffic aboard BC Ferries slows after Remembrance Day long weekend

One person sent to hospital after incident at Langley gas station

Police observed retrieving what appeared to be an exacto knife

Early morning fire at Langley City factory

Two-alarm fire at CKF Products

UPDATE: Man, 19, dies in shooting on Ross Road in Abbotsford

Victim was airlifted to hospital Monday afternoon, but died shortly afterwards

VIDEO: Amazon to split second HQ between New York, Virginia

Official decision expected later Tuesday to end competition between North American cities to win bid and its promise of 50,000 jobs

Canada Post no longer guarantees delivery times amid more rotating strikes

The Canadian Union of Postal Workers closed two major processing centres in Ontario and B.C.

B.C. city councillor resigns as AutismBC director amid SOGI controversy

AutismBC president Gary Robins says Laurie Guerra’s resignation is effective Nov. 12

McGill students vote overwhelmingly to change Redmen team nickname

Student union held a referendum after a campaign by Indigenous students

B.C. university Pride group replaces white supremacy posters

Around 50 people walked through downtown Victoria to share posters of love

B.C. to invest $492 million in affordable homes

72 new projects are part of a 10-year, $1.9-billion strategy

Around the BCHL: Surrey Eagles sliding and Cassidy Bowes flows

Around the BCHL is a look at what’s happening in the league and around the junior A world.

Pit bull cross, chihuahua owners must split costs for dogfight damage, judge rules

Eac side responsible for $577.43 towards injuries in Comox Valley incident

3 random words mark every spot on earth

Innovative mapping system assigns three word combinations to 57 trillion 3 metre squares

Most Read