Victoria Accounts for Half of Vancouver Island’s Housing Starts in August

There were 329 housing starts across urban Vancouver Island centres recorded by Canada Mortgage & Housing Corporation (CMHC) in August 2010. This is an increase from July 2010 and it is on par with the five-year average for August.

The most active Urban Vancouver Island residential construction market in August was the Vancouver Island apartment condominium market. In Victoria CMA there were 160 apartment condominiums that started construction in August, this number represents nearly half of all August housing starts recorded across Urban Vancouver Island. Single detached homes accounted for over 80% residential construction activity on Vancouver Island (outside of Victoria CMA) which consists of Duncan CA, Nanaimo CA, Parksville CA, and Courtenay CA.

Nationally, the seasonally adjusted annual rate of total housing starts dipped to 183,300 units in August. In British Columbia, August’s seasonally adjusted rate of urban housing starts moved higher to 25,400 units, from 20,100 units in July.

Excerpted from 1stView.ca.