BC housing starts on a downward trend.

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.

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mold city

franco: are vancouverites stupid? looks like some of them are, but that doesnt make us unique. How many people paid ungodly amounts of money for tulips, swampland or pets.com stock? I guess its just a human condition.

depressator

I give up. Prices will never go down.

satv

Are you planing to move———————–Any body going to EDMONTON I can get you job there $17.00 per hour starting+benefit its warehouse job any intrested party can post respond I will give you my e-mail address.right after that.

scoop

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 we are talking about a decline from last year, not just stagnation, so what happened: (1) 22% of our construction workers left the province because it was too expensive to live here? (2) 22% of last year's residential construction workers are now hammering furiously away on Olympic venues? (3) Construction workers that immigrated from parts east have bought into the laid-back BC lifestyle causing them to become 22% less productive?

scoop

The drop is interesting, but what can you infer from housing starts? It seems they can be (and are) interpreted either way to suit a particular perspective: if high, bears say there is an impending supply glut and bulls say the market continues to be strong; if low, bears say builders foresee a crash and bulls say restricted supply will keep prices high.

markx

Maybe we have a construction labour shortage because all the construction workers are busy flipping houses? Why do back breaking work when you can become the next Donald Trump?Reminds me of the dot com era, more CEOs than programmers.

Franco

Why a house at 731 Union,a drug and prostitutes infested neighborhood,sold for 930000;why is going on.Are Vancourites stupid?

RentingSucks

Yup it's getting that bad. I'd be ready to capitulate too if I didn't realize being ready to capitulate means that I probably don't have too. Oh the irony.

Gianni33

Job opportunities abound… because a lot of people are getting the hell out. I'm visiting Edmonton next week, and chances are good I'll be moving there soon too.

solipsist

Thase migration numbers look a bit shaky. More people leaving than new housing units built?And the job opportunities…It's a McLifestyle choice . You will submit and live forever McHappy in the new McCity of VanMcCouver.Check out the benefits page – you get a free uniform, and jewellry, and other trinkets for perfomance. Discounts on all McFood at your home restaurant. Cool!And from the Training page –"Learn While you Earn" Training is an important part of your McDonald's work experience and starts as soon as you join the McDonald's team. Crew Trainers, Managers and other employees will work shoulder to shoulder with you to show you the ropes, and training continues as you advance through the McDonald's system. We work hard to foster a positive, coaching environment that will help you develop to your full potential.. Gack. Might as well slit… Read more »

satv

BECAUSE MEDAK COMING UP TO WATER FRONT LOCATION'SIn dry countries we can not see medak through the year.but when ever monsoon(rain)comes people can see a rush on the edge of water by medaks.So since 2001 lots of real estate has been sold.for more sales in all area we have to depend on migration and immigration.but for vancouver there is only declines on oldies because projects that called !location !location!location have no problem for developers they are still selling with pride and without any fear,if you are around location's thats mean yeah ah yeah ah.because new projects craying your value's with them and countinue while going up freesia,elan,yaletown parks,tv towers,lh van,raffle's recently there was capitol they all gone preety smoth and coming up is GEM…

the pope

Another hat-tip to reductimat for the link! I'm surprised to see that they predict starts to catch up and equal last years – we've got a lot of supply under construction in Vancouver right now.