Tuesday, October 9, 2018

Pace of Victoria homebuilding slows in September

Victoria homebuilders, who have been working at a fever pitch over the past two years, slowed down in September as the number of new homes started that month fell below 300.

Homebuilders started 263 new homes last month, a significant drop from the 600 started in September 2017, though the reason behind it is likely the fact builders are simply too busy to start new projects.

“Housing starts trended lower in [Greater] Victoria, however year-to-date totals remained higher than in 2017,” said Braden Batch, senior market analyst with Canada Mortgage and Housing Corporation. “A number of large apartment units were recently initiated, and units under construction are at record highs as there is strong demand for relatively affordable units in the city.”

Of the 263 new starts, 190 were multi-family units and 73 were single-family homes

Year-to-date, builders have started 3,028 new homes, up from the 2,696 started through the first nine months of last year.

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