First Quarter Statistics for New Vancouver Island Home Construction

New housing starts are down significantly on Vancouver Island this year, according to numbers for the Canadian Mortgage and Housing Corporation. The Victoria Census Metropolitan Area (CMA) saw 169 new housing starts in March 2011, down from 258 in the same period in 2010. Year to date starts in the Victoria regions are down 49% with 321 in 2011, compared to 634 in the same 3 months of 2010.

The only region on Vancouver Island to see a boost in starts was Parksville-Qualicum, where there have been 75 new homes starts to date this year, compared to 30 in 2010.

Nanaimo saw 24 starts in March 2011, compared to 67 in March 2010. Overall for the year Nanaimo has seen 142 new homes starts, compared to 215 in the first three month of 2010.

Courtenay has seen the largest percentage drop in new homes starts for 2011, with 36 homes started to date this year, compared to 82 in the same time period last year.
For more information on the CMHC’s housing reports, visit their website.