The building cycle in Vancouver has lost momentum according to an article from Business Vancouver. Urban-area starts are down by nearly 45,000 units since earlier this year, and fewer multi-family unit starts have underpinned.
Moreover, starts in the Vancouver census metropolitan area fell to their lowest numbers in seven months. This decline could reflect supply-side constraints. Yet, it’s evident current demand remains strong. What Business Vancouver does note is that higher starts have outpaced completions, lifting units under construction up 10 per cent from a year ago to 40,000 units.
Housing starts outside the Vancouver census metropolitan area are rising. Starts are rising in Victoria, which is the main driver of provincial uplift. Most large urban markets have had increases in building activity, with Kamloops and Prince George as exceptions.
In total, annual starts decreased 6 per cent to 39,100 units this year, and slightly fewer starts are forecasted for 2018.