Local condo starts drop, laneway home construction surges
Posted January 9, 2014 8:10 am.
This article is more than 5 years old.
METRO VANCOUVER (NEWS1130) – Metro Vancouver’s condo construction boom cooled in 2013 but construction of laneway houses surged.
A federal agency says there was a two per cent drop in Vancouver-area home starts last year to just under 19,000. Starts on condos, the largest part of the market, fell six per cent to less than 15,000.
Construction of single-detached homes, however, soared 18 per cent and topped 4,000; that’s partly due to numerous laneway houses being added as a less-costly alternative to homes with average prices of well over a million dollars.
Nationwide, Canada Mortgage and Housing Corporation says housing starts fell 12 per cent to 170,000 last year.
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