New home construction plummets across Lower Mainland
Figures released by the Canada Mortgage and Housing Corporation (CMHC) this week show that foundations were poured for just 516 new homes in the Greater Vancouver area, down 73% from July 2008.
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Updated: August 13, 2009 3:14 PM
The faltering economy brought construction of new homes to a near standstill last month and building is down considerably in the Tri-Cities so far this year.
Figures released by the Canada Mortgage and Housing Corporation (CMHC) this week show that foundations were poured for just 516 new homes in the Greater Vancouver area, down 73% from July 2008.
For the year so far, there were 3,858 new starts compared to just over 12,000 for the same period last year.
"Developers have been taking a wait-and-see approach towards the multi-unit market," CMHC senior market analyst Robyn Adamache said in a release. "There are still numerous projects under construction and a sound inventory of unsold new homes available. Homebuilding will remain modest until some of the inventory of new and exiting homes is sold off."
New construction is down significantly in the Tri-Cities for the first seven months of the year.
In Coquitlam, 62 multiple-dwelling units were built so far this year compared to 1,062 in the same period last year. Activity on Westwood Plateau, however, likely drove detached home construction from 55 up to 70 this year.
In Port Coquitlam, 44 multiple units were built so far this year, compared to 160 in 2008, while detached home building dropped from 16 units down to just two in the first seven months of ’09.
Port Moody has seen no new multiple-unit construction so far this year, well down from 355 units last year. Detached home construction is also down, from 11 in 2008 down to six for January through July of this year.
Overall, new home construction in the Tri-Cities is down 89%.
spayne@tricitynews.com
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