August housing starts results sent Vancouver among the most growing metropolitan areas in Canada once again, according to the report released by the Conference Board of Canada.
Vancouver ranked fifth out of all 27 metropolitan areas. There were 14,091 new housing starts in August (seasonally adjusted), more than double, when compared to 6,945 starts in August 2009. Jane McIntyre, economist who wrote the Conference Board report, adds: "We expect more improvement in the next year in Vancouver. Basically, when the recession hit in 2008-09, housing starts took a big hit in Vancouver.”
She continues: “Interest rates have remained low, there was the recovery of the economy in general, and the Olympics happened. There were a lot of things that drove the market back up. And that increased demand for housing in the region."
Vancouver was fifth, after Saint John, N.B., Regina, Winnipeg and Oshawa, Ont., which had the best numbers of all. However, Vancouver is not alone in BC to record positive results. Victoria and Abbotsford, both B.C. metropolitan areas finished month with increases and solid expectations for continuous growth.
Construction in Vancouver took a long nap during the recession, but now it is on its feet again, backed by low interest rate and favorable economic environment.