Construction of condos, rental apartments will drive Vancouver housing starts: CMHC

VANCOUVER (NEWS1130) – Vancouver-area housing starts are forecast to remain steady this year, with sales above average and prices continuing to rise.

The federal housing agency predicts construction of condominiums and rental apartments will drive housing starts, particularly in Vancouver, Burnaby, Richmond and Coquitlam.

Canada Mortgage and Housing Corporation adds that a sustained vacancy rate of less than two per cent “will continue to encourage more purpose-built rental apartments, especially in the City of Vancouver.”

CMHC also says eight out of 10 single-detached homes being built in the City of Vancouver have “some form of mortgage helper,” such as a separate suite or laneway home, effectively making them multi-family dwellings.

The agency says there is a “shift in demand toward less costly housing options,” meaning condos, because single-detached houses are so expensive.