Sutton West Coast Realty reports new home construction in the Abbotsford-Mission CMA fell four per cent in July as continued strong growth in multiples was offset by weaker single-detached starts.
Across BC total starts in the Vancouver CMA were 40 per cent higher compared to last year with multiple starts jumping 51 per cent while single-detached starts were up 2 per cent. New home construction in the Abbotsford CMA fell 4 per cent in July as continued strong growth in multiples was offset by weaker single-detached starts. Housing starts in the Victoria CMA were lower once again, falling 37 per cent compared with June 2012. Housing starts in the Kelowna CMA were up sharply in July, rising 48 per cent year-over-year as a result of a 244 per cent year-over-year increase in the construction of multiples.
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The report seems to indicate a continuing shift towards condominiums and apartments from freehold and single family detached homes.
To view the full report from Canada Mortgage and Housing simply click here.