Metro Vancouver housing starts forecast to climb 2.7 per cent in 2014

CMHC analyst expects rental apartment construction to grow

A small increase in new home construction is being forecast for 2014 in Metro Vancouver.

The Canada Mortgage and Housing Corp. projects 18,200 homes will be started in the region this year and 18,700 in 2014, an increase next year of 2.7 per cent.

Senior CMHC analyst Lance Jakubec said new construction will essentially hold steady this year, but rental apartment construction will take a larger share of multi-family housing starts.

Existing home sales in Metro Vancouver are projected to be roughly the same this year as in 2012, and then grow about 10 per cent in 2014.

The CMHC projects about a seven per cent increase in Fraser Valley home starts next year.