{"id":8364,"date":"2019-06-12T07:00:02","date_gmt":"2019-06-12T07:00:02","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/multifamily-market-significantly-boosted-vancouver-starts\/"},"modified":"2023-10-24T04:07:14","modified_gmt":"2023-10-24T04:07:14","slug":"multifamily-market-significantly-boosted-vancouver-starts","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/multifamily-market-significantly-boosted-vancouver-starts\/","title":{"rendered":"Multi-family market significantly boosted Vancouver starts"},"content":{"rendered":"<p>New multi-family construction was predominant among Vancouver\u2019s housing starts last month, according to latest data from the CMHC.<\/p>\n<p>The asset class represented as much as 90% of the market\u2019s total starts activity in May. Furthermore, new construction volume for non-single-detached housing had an enormous 75% annual gain.<\/p>\n<p>\u201cTwo thirds of the new units were located in Burnaby, Surrey, and Coquitlam, which together saw a number of condominium and rental apartment projects get underway,\u201d CMHC stated.<\/p>\n<p>Similarly, Montreal enjoyed a significant 30% year-over-year increase in multi-family starts. The CMHC pointed out that this \u201csolely attributable to rental housing construction, as condominium and single-family home starts recorded decreases.<\/p>\n<p>\u201cThe low vacancy rates on the conventional rental market and the greater proportion of young households now opting for rental housing have kept stimulating rental housing starts.\u201d<\/p>\n<p>Meanwhile, Toronto\u2019s total starts dropped by 16% last month. Non-single-detached construction grew by a comparatively weak 10% annually.<\/p>\n<p>\u201cHigh <a class=\"wpil_keyword_link\" href=\"https:\/\/www.canadianrealestatemagazine.ca\/expert-advice\/homeownership-in-canada-what-to-expect\/\"   title=\"homeownership\" data-wpil-keyword-link=\"linked\">homeownership<\/a> costs continue to weigh on the demand for single-detached and row houses thus resulting in fewer low-rise home starts. Strong pre-construction sales of condominium apartment units over the past two years will continue to translate into starts over time at a varied pace, despite their starts trending lower in May.\u201d<\/p>\n<p>Overall starts across Canada were at 201,983 units last month. This was markedly lower than April\u2019s 205,717 starts, mainly due to a much slower single-family market.<\/p>\n<p>\u201cThe national trend in housing starts decreased in May as a result of continuing decline in the trend for single starts as well as a decline in the trend of multi-unit starts that follows gains in this segment in recent months, in urban areas,\u201d CMHC chief economist Bob Dugan said.<\/p>\n<p>\u201cThe decrease in the trend of multi-unit starts reflects a decline in the SAAR level of multi-unit activity in May from the unusually elevated level registered in April, which leaves multi-unit SAAR starts closer to its 10-year average.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New multi-family construction was predominant among Vancouver\u2019s housing starts last month, according to latest data from the CMHC. The asset class represented as much as 90% of the market\u2019s total starts activity in May. Furthermore, new construction volume for non-single-detached housing had an enormous 75% annual gain. \u201cTwo thirds of the new units were located [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":21680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8364"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8364"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8364\/revisions"}],"predecessor-version":[{"id":21948,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8364\/revisions\/21948"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/21680"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}