Vancuver housing starts increase by 0.9% in February 2011
There were 1,414 Housing starts in the Vancouver Census Metropolitan Area (CMA) in February 2011, which brought the total housing starts for the area up by 23% to 2,850 units in 2011 compared to 2,319 in 2010 according to figures released by CMHC.
February’s 1,414 housing starts across the Vancouver CMA represented a modest 0.9% increase from the 1,402 starts in January 2011.
“Over 85% of housing starts were multi-family in February,” noted Robyn Adamache, CMHC’s Senior Market Analyst.
Multiple housing starts in the lower mainland Vancouver CMA in February were up 15% to 1,211 units in 2011 from 1,050 in 2010.
“The majority of these starts were in Richmond, Coquitlam, and Surrey, areas with easy access to major transportation routes and public transit and home prices that are less expensive than found in the urban core, specifically the City of Vancouver,” added Adamache.
The overall February seasonally adjusted rate of urban housing starts in British Columbia moved lower to 24,100 units from 25,600 units previously forecast in January 2011 and the 27,900 units in December 2010.
Nationally, the seasonally adjusted annual rate of total housing starts increased to 181,900 units in February 2011 from 170,600 units in January and from the 169,000 units in December 2010.
For February 2011, the top 5 lower mainland areas for housing starts were, Richmond with 420 units, Surrey with 296 units, Coquitlam with 272 units, Vancouver with 124 units and Pitt Meadows with 71 units.
Vancouver CMHC Housing Starts – February 2011
On a year-to-date basis the top 5 lower mainland areas for total housing starts from January to February 2011 were, Vancouver with 767 units, Surrey with 529 units, Richmond with 485 units, Coquitlam with 329 units and Burnaby with 185 units.
Vancouver CMHC Housing Starts – January to February 2011
The following chart shows the percentage increase for Lower Mainland Housing starts by area from 2010 to 2011 on a year-to-date basis.
On a year to date basis from January to February 2011, total multiple housing starts in the lower mainland Vancouver CMA were up 51% to 2,467 units in 2011 from 1,639 units over the same period in 2010, while single detached housing starts dropped by 44% to 383 units in 2011 from 680 in 2010. Total housing starts came were up by 23% to 2,850 units in 2011 from 2,319 in 2010.