Construction of new condos and apartments in Vancouver more than doubled last month from a year earlier. The federal housing agency says work began on 2,089 homes, with condos and apartments accounting for 1,700 of them. That's up 102% from the previous October. Canada Mortgage and Housing Corp. reports starts on single-detached homes were 389, down 3. Nationwide home starts were up 11% to 15,898.
A smoothed-out measure, the seasonally adjusted annual rate of starts, tumbled 14% to 198,065 units due to fewer condos and apartments. It was the fastest drop in eight months. Nonetheless it's more than the 190,000 homes CMHC says are needed to keep up with population growth.
Vancouver's seasonally adjusted annual rate of home starts was up 9% from a year earlier and 37% from the previous month. The six-month trend was fractionally lower.