housing
ECONOMIC GILDING? A RISE IN NEW HOME BUILDING
It’s no panacea, but a continued strong showing in housing starts activity is having a number of positive impacts on the region.
With the available data in for October 2019 is shaping up to be a bumper year for housing starts in Metro Vancouver. Through the first ten months of the year, the region has seen more total housing starts year-to-date (23,548) than in any year in the past three decades. Furthermore, given the current pace, 2019 is expected to see a total of 28,599 starts once all is said and done, which would be 2.5% higher than the previous high seen in 2016 (27,914). Broadly-speaking, this elevated level of residential construction activity seen recently
has had two benefits. First, it has supported local economic growth through positive direct and indirect impacts on employment and government tax revenue (and, in addition, through the "induced" impacts associated with a portion of the wages being paid to workers then being spent throughout other sectors of the economy). Second, more housing starts will translate to more homes completed in the coming years— two related and essential ingredients needed to grow our economy and address issues of housing availability and affordability.
IN A FEW YEARS WE’LL FINISH WHAT WE STARTED
EXPECTED TOTAL: , Previous 3-Decade High: 27,914 (2016)
30,000
25,000
20,000
15,000
10,000
5,000
0
JAN OCT
NOV DEC
NOV DEC ESTIMATE
SOURCE: CANADA MORTGAGE & HOUSING CORPORATION DATA: METRO VANCOUVER HOUSING STARTS
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