Home construction up – for now

Posted by Rumin Mann
April 28th, 2010

Metro Vancouver housing starts soared 76 per cent in the first three months of 2010 as the home construction industry rebounded from a virtual stop during the recession.

Surrey and Vancouver were particularly strong, according to the Canada Mortgage and Housing Corp.

Metro Vancouver has recorded 3,189 housing starts so far this year, two-thirds of the units in multi-family buildings.  More than 800 starts are in Surrey, where almost four times as many units are under construction as in the first three months of 2009.  Coquitlam has 261 starts, seven times as many as in 2009.  Richmond starts have more than doubled, from 111 to 280, while Maple Ridge starts have tripled to 135.

Greater Vancouver Home Builders’ Association CEO Peter Simpson said the surge in building activity and buyer demand may slow down as interest rates rise, mortgage qualification rules tighten and the harmonized sales tax takes effect.

Source: Surrey Leader – April 16, 2010

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