Market Forecast

I know you are itching to play outside, so let’s take a quick look at the market forecast.

Home construction is feeding a stable Metro Vancouver housing market with an increase in multiple-family starts offsetting fewer single-detached starts last month, according to Canada Mortgage and Housing Corp.

CMHC senior market analyst Robyn Adamache said that although the local market is doing well, she sees no danger of a potential oversupply of new condos saturating the market.

“All in all, the condo market is stable. Prices have been flat for some time and sales have been steady.”

Adamache said that the cities of Vancouver and Surrey continue to record strong new home construction activity, with condominium apartments accounting for most of the starts in Vancouver and townhouses the main type of new homes in Surrey.

Other hot spots, according to Canada’s national housing agency, include White Rock, New Westminster and Maple Ridge.

Nationally, housing construction starts blew past expectations in April, up 14 per cent from the previous month.  Regionally, there was a surge of 56.5 per cent in urban housing starts in Quebec, and increases of 12.2 per cent in Ontario, 6.3 per cent in the Prairies, and 2.6 per cent in Atlantic Canada.

All stats were taken from the Vancouver Sun.