Greater Vancouver Real Estates

March 20, 2008

cmhccma.jpgClick here for large chart.

The high level of new home construction and completion above 20,000 units were previously achieved in late 1989 and mid 1994. By the year 2000, construction activities dropped to a low 8,000 level.
Since 2001, the market recovered and made a strong run-up and surpassed the previous high of 22,500 units.
Completion over 25,000 units!

In view of the credit crunch, slower US economy and related housing problems in the US, experts are cautiously optimistic that the housing activities in Greater Vancouver and Richmond will continue to grow, but at a more moderate pace. Housing affordability is a major impediment to sustain the present level of housing activities.
The housing markets in Edmonton and Calgary may have shown signs of peaking. CMHC’s projection on units completion for Greater Vancouver as shown on the above chart for 2008 is at the 25,000 units level.

Housing Market Trend

An attempt will be made to compile the monthly statistics on the number of months on-market and price changes month-over-month for single family detached houses, townhouses and condos in Richmond. I hope the data will give us the market indications on the future direction of the housing market.

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