Builders are Flat Out Busy!

According to a report released by Canada Mortgage and Housing Corporation (CMHC) on February 8th, the number of January starts – 100 units – is down from 175 starts last January.

CMHC Stats

However, 2017 was a near-record year with close to 4000 units started. That’s nearly double what the Capital Regional District normally sees – on average 2000 – 2200. Builders in the Greater Victoria region started 2,966 multi-family units and 896 single-family homes last year for a total of 3862 new homes. This number beats every other year except 1976 when the region saw 4439 starts.