According to a new Canadian Mortgage and Housing Corporation (CMHC) report released Tuesday British Columbia will have a 37 percent increase in new housing construction this year. The national average is expected to be about 15 percent.
This equates to about 22,050 homes being started this year, and a forecast of 26,200 housing starts next year. If correct it will be an increase of 16,077 over 2009, but will still be below the 10 year average.
New home construction will benefit from an improved economy and labour market, and lower interest rates. The lack of new homes on Vancouver's real estate market has also pushed up demand and led to these increased forecasts by the CMHC.
