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Housing starts in British Columbia jumped 25 per cent in June after reaching near record lows in May, a sign the worst may be over.
The seasonally adjusted annual rate of starts in urban areas in the province — which adjusts actual building starts in the month for seasonal variations then multiplies by 12 — reached 12,000 in June, compared to 9,600 in May, according to numbers released Thursday by Canada Mortgage and Housing Corporation (CMHC). But the actual number of starts — 1,062 — is still well below last June`s near-record high of 2,635.
The jump came from multiple starts, which when annualized amounted to 7,300 in June up from 4,900 in May. Single-dwelling starts remained unchanged at 4,700.
June`s numbers are in line with CMHC`s forecast that home construction would pick up in the second part of the year, said Carol Frketich, CMHC`s regional economist.
"But it`s not going to be a strong pick-up," Frketich said.
Recent strong housing resale numbers — with last month being the second-busiest June on record in Metro Vancouver — bodes well for future construction.
"New listings peaked last year and it has come down and that was one of the adjustments we needed to take place in the resale market before we could see a pick-up in home construction," Frketich said.
Read the full article here.
The seasonally adjusted annual rate of starts in urban areas in the province — which adjusts actual building starts in the month for seasonal variations then multiplies by 12 — reached 12,000 in June, compared to 9,600 in May, according to numbers released Thursday by Canada Mortgage and Housing Corporation (CMHC). But the actual number of starts — 1,062 — is still well below last June`s near-record high of 2,635.
The jump came from multiple starts, which when annualized amounted to 7,300 in June up from 4,900 in May. Single-dwelling starts remained unchanged at 4,700.
June`s numbers are in line with CMHC`s forecast that home construction would pick up in the second part of the year, said Carol Frketich, CMHC`s regional economist.
"But it`s not going to be a strong pick-up," Frketich said.
Recent strong housing resale numbers — with last month being the second-busiest June on record in Metro Vancouver — bodes well for future construction.
"New listings peaked last year and it has come down and that was one of the adjustments we needed to take place in the resale market before we could see a pick-up in home construction," Frketich said.
Read the full article here.