Surrey had more housing starts than elsewhere in Metro Vancouver in September, according to data released Tuesday from the Canada Mortgage and Housing Corporation.
Last month saw 330 housing starts in Surrey, 202 in the Tri-Cities and 135 in Southeast Burnaby. These were the busiest areas in Metro Vancouver for residential housing.
“Housing starts in the Vancouver Census Metropolitan Area trended lower in September 2018 as fewer projects in both the single-detached and multi-family sectors got underway,” said Eric Bond, CHMC’s principal analyst for Metro Vancouver. “Construction activity for the month was concentrated in Surrey, which accounted for one-quarter of all starts,” he said. “Demand for housing from residents remains strong and has resulted in the pace of new home construction in the Vancouver CMA so far in 2018 equaling the level recorded during the first nine months of 2017.”
Of 41,945 dwellings under construction in Metro Vancouver right now, 8,432 are earmarked for the rental market.
Nationally, housing starts were down in September (207,768 units) compared to 213,966 in August.
Bob Dugan, CMHC’s chief economist, said the national trend in housing starts was at a 19-month low in September “following declines in four of the last five months.
“The slowdown in the pace of new residential construction activity in recent months is a result of both lower single-detached and multi-starts activity and brings new residential construction closer to its long run average from the elevated levels registered in 2017,” Dugan said.