Housing starts are up another 3,489 in June, 2019 which is more than 2,000 more than during the same period last year. Overall, housing starts continue to outperform last year's number year-to-date by more than 3,000 and is heading toward high 20k which would be record-breaking.
On this chart, you can see that single detached house starts are relatively low in comparison to last year and it appears to be well-below historical norm. In fact, we are probably looking at a 20-year low. Meanwhile, apartment/condo sector continues to see explosion of new builds. June number is particularly impressive at 2,902.
Housing completions have increased for the month of June but it is still trailing housing completions year-to-date compared to last year. One can expect to see further increase in housing completions as some of the record high constructions come to an end.
Under construction number continues to rise and is now at 44,789 which is a record high. Although there are numerous developers who have decided to stop building, there are many who are going ahead obviously across Greater Vancouver. At one point, we should expect to see construction numbers decline but the true effect of the excess apartment/condo constructions should be felt for several years to come.
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