As housing sales dropped to the lowest level in five years, Metro Vancouver new home starts have soared in the first quarter of the year, with starts in Vancouver alone more than twice as high as during the same period in 2017.
There were 6,542 home sales on the Multiple Listing Service (MLS) in Metro Vancouver during the first quarter of 2018, which is a 13.1% decrease from the same period last year.
This represents the region’s lowest first-quarter sales total since 2013, reports the Real Estate Board of Greater Vancouver (REBGV).
But total housing starts across the region increased to 6,864 units in the first three months of 2018, up 30% from a year earlier.
In Vancouver, first quarter starts soared 109% to 1,956 homes, including 1,592 apartments or townhouses. Vancouver detached house starts jumped 93% to 364 homes, reports Canada Mortgage and Housing Corp.
Huge increases were also seen in North Vancouver, where 1,422 homes broke ground so far this year, compared with 107 in the same period in 2017.