Home Construction Increasing in Vancouver

The Canadian Housing and Mortgage Corporation (CMHC) reports that a total of 917 new housing units broke ground in Metro Vancouver in January 2010. This is a significant increase over the 609 units reported at the same time in 2009.  The high amount of re-sale activity seen in Vancouver in the past 12 months was a good indication that home construction numbers would improve, and as spring 2009 was so slow the big improvement isn't surprising.

With many builders planning multiple releases of new projects, and projects that had been previously delayed now coming back on the market an increase in jobs for trades' workers is expected. However all is not rosy yet.  The introduction of the harmonized sales tax (HST) in BC later this year, and eventual increase rate increases still pose potential risks to the anticipated recovery.  

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