Vancouver Real Estate: November Housing Starts
The big real estate news in Vancouver yesterday was Canada Mortgage and Housing Corporation (CMHC) release of the November housing starts numbers. Nationally housing starts were stable compared with October, but in Metro Vancouver housing starts were the highest in 30 years.
“Housing starts remained strong in November and are consistent with our new home construction forecast for 2007,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The strength in November is attributable to the good performance of single-detached home starts, which reached their highest level since March 2006.”
The
Vancouver Sun reported that only 364 of the 2704 homes started were single family houses. No terrible surprising really that it was low. Makes one wonder what makes the best investment these days. Obviously the multi-family units are being built because many/most home buyers in Metro Vancouver cannot afford a single family home, but if you were picking an investment opportunity would you be best to go with the lower priced readily available condos or the single family homes?
