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Construction stable in Vancouver last year, but seller’s market is returning: Realtors

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The amount of residential construction in Metro Vancouver remained high, but wavered little between 2021 and 2022, according to new data from the Canada Mortgage and Housing Corporation.

In a housing supply report published Wednesday, the Crown corporation said work on 25,983 new units began last year, down 30 units from the 26,013 recorded in 2021.

Overall, Metro Vancouver saw the second-highest number of housing starts among Canada’s metropolitan areas in 2022, eclipsed only by Toronto, which saw 45,109 new units. Rental apartment construction in the Vancouver area offset a “significant drop” in condo apartment construction, according to the CMHC. Global News reporter Kamil Karamali has more.

For more info, please go to https://globalnews.ca/news/9635975/vancouver-real-estate-market-spring-update/

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Category
U.S. & Canada
Tags
global news, global bc, canada
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