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34,020 Housing Units Under Construction

November 28, 2016 by Editor

Are We Building Too Much Housing?

Completed and unsold units

Completed and unsold units

In response to strong demand and falling inventory of new homes, builders had 34,020 housing units under construction in August in Metro Vancouver.

But in spite of the construction sites we see on just about every major route in Vancouver, CMHC reports that there is no evidence of overbuilding, with August inventories at or below historic averages.

In addition, vacancy rates for both purpose-built and secondary rental apartments has been at or below 1% since 2014 – renters will confirm there is not an over-supply of housing.

Source: CMHC

Some Facts About Housing Demand – CMHC

Pace or Resale

Pace of resale slowing from cyclical high

The pace of home sales growth has been steadily diminishing since peaking in Feb. 2016 and is now hovering close to the 10-year average. But that may be only part of the demand picture.

Since 2005, an estimated 158,000 new households were added in Metro Vancouver. During the same time period, the housing stock grew by only an estimated 153,000 units (construction starts minus demolitions). That implies demand is not satisfied.

Employment growth in Vancouver (6.3% annually in August, highest in Canada) has exceeded provincial employment growth in 8 of the last 10 years, further adding to housing demand in the region.

Source: REBGV, FVREB, Seasonally adjusted and annualized by CMHC

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Filed Under: Real Estate Perspective

The News – and the Reality: Trends Affecting Real Estate

November 21, 2018

One of the most popular activities in the daily news cycle seems to be forecasting the future of real estate. And it’s not uncommon to see wildly opposing views on where the market is headed, and when it might get there. This month’s post explores the news — and the reality.

Read More

The Changing Market – What Does That Really Mean?

October 22, 2018

After several years where home sellers had a market advantage, now buyers have more selection, more time to make good decisions, and their dollar buys more house than it used to.

Read More

Great Opportunities for Trading Up or Down…If You Qualify

October 9, 2018

Talk to a mortgage broker if you plan to move. There is still a strong demand for housing especially in retirement and recreational properties.

Read More

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Shannon Realty

Suite 207 5740 Cambie St.,
Vancouver, BC. V5Z 3A6
1-604-649-6058

Email: jeff@shannonrealty.ca

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