Housing starts continue to drop in BC – A downward trend that started in January and continues in the most recent report issued by CMHC. Starts are down about 22 percent for the first four months of the year compared to last year. CMHC senior analyst Robin Adamache has the standard disclaimer that this doesn’t ‘signal impending problems in the housing market’.
“We do know a lot of projects in the pipeline, and the building permit numbers were up. So we are still expecting that starts this year will come in at the same level of last year.”
Adamache attributes part of the decline to the labour shortage, noting there just aren’t enough construction workers to keep up with the demand.
But homebuyer demand remains strong, she said, because of the influx of new residents who need a place to live.
She said about twice as many new jobs have been created this year in B.C. as in the same period last year.