New multi-family dwelling development up-tick bodes well for 2012

March 8, 2012

The number of new multi-family dwelling projects in B.C. is on the rise this spring.
According to the Canada Mortgage and Housing Corporation (CMHC), more multi-family dwelling projects are being built across B.C.’s urban centres in February over the the same month 2011. The CMHC reports that Nanaimo, Victoria, Abbotsford-Mission, Vernon and Chilliwack recorded an increase in total housing starts so far this year, compared to January and February of 2011. In Vancouver, 1,675 new multiple-family dwelling units got started in February, up 38 per cent from 1,211 in February 2011.
Across all of urban B.C., the total number of housing starts climbed by 28 per cent in February, year over year, increasing from 1,805 to 2,302. The year-to-date numbers showed increases in both single and multi-housing categories across urban B.C. Single-detached starts rose from 739 last year to 808 in January and February this year, while the number of new multiples climbed from 2,957 to 3,546.
“Residential construction activity during the first two months of 2012 is ahead of last year’s levels due to strength in a number of housing markets around the province,” said Carol Frketich, CMHC’s BC Regional Economist, in a release.

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