CMHC released its latest report on Dec. 10. (Black Press file photo)

CMHC released its latest report on Dec. 10. (Black Press file photo)

Victoria housing starts mostly rentals: CMHC

Canadian Mortgage and Housing Corporation shows housing starts on the rise

Nationally, after four months of declining, housing starts increased in November, the Canadian Mortgage and Housing Corporation’s latest report shows.

“Metro Victoria housing starts trended lower in November, however new apartment construction remained elevated,” CMHC senior analyst, Braden Batch, said. “Starts in November were highest for condo units in the Saanich Peninsula, as demand for relatively affordable units remains high.”

READ MORE: Victoria council proposes five affordable housing strategies

In Victoria, single-detached homes decreased year over year by 20 per cent. However, between Nov. 2017 and Nov. 2018, all other types of preliminary housing starts in Victoria increased by 67 per cent.

Saanich and Central Saanich had 104 apartment starts for November.

For Greater Victoria, the housing starts are mostly made up of rentals at 53 per cent, followed by condos at 25 per cent and homeowners at 22 per cent.

Between October and November this year, the seasonally adjusted annual rates in Victoria decreased overall by 12 per cent.

READ MORE: Buyers could take the reins in B.C.’s hot housing market: CMHC


@KeiliBartlett
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