Posted by & filed under Prestigious, Victoria Real Estate Update.

The construction in Victoria, British Columbia and in Canada in general is moving upwards. Victoria is very vibrant and with lots of construction happening.  A recent article by CMHA (Canada Mortgage and Housing Corporation) confirms this, it reads:

The seasonally adjusted annual rate1 of housing starts was 226,500 units in August, up from 215,600 units in July, according to Canada Mortgage and Housing Corporation (CMHC).

“The rise in August housing starts reflects a rebound in the volatile multiple starts segment,??? said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “In particular, the strong results achieved this past month can be attributed to multiple starts in the Atlantic region, British Columbia and the Prairies. Despite the increase in August, the pace of housing starts remains consistent with our view that residential construction will decrease gradually between now and the end of 2008.???

The seasonally adjusted annual rate of urban starts increased 6.0 per cent to 192,700 in August, compared to July. Urban singles were up 1.8 per cent to 91,300 units in August, while multiple starts increased 10.1 per cent to 101,400 units.

In August, seasonally adjusted urban starts increased in four out of five regions. Urban starts registered an increase of 18.4 per cent in the Atlantic region, 10.8 per cent in the Prairies, 7.9 per cent in British Columbia, and 4.4 per cent in Ontario, while in Quebec, urban starts declined by less than one per cent. Urban single starts were up in all regions except British Columbia, where single starts declined 4.7 per cent. The Atlantic region, the Prairies, and British Columbia all saw double-digit increases in urban multiple starts, while Ontario increased by 4.9 per cent. Quebec saw a decline in multiple starts of 1.2 per cent.

Rural starts were estimated at a seasonally adjusted annual rate of 33,800 units in August.

Actual starts, in rural and urban areas combined, were down an estimated 4.5 per cent in the first eight months of 2007 compared to the same period in 2006. In urban areas, actual total starts also fell an estimated 4.5 per cent year-to-date with both single and multiple starts declining by 6.1 per cent and 2.9 per cent respectively.

As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) draws on over 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

For more information, call 1-800-668-2642.

1 All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) —  that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. End of Article.

In Victoria there are currently nine major (9) projects under way and one of my favorites is “The Bay View 1”. This is an 11 story building with views to die for.

We have started a series of Blogs on Major Victoria projects that are being built, the once that are approved and proposed.

If you have any questions about any of the projects or Victoria Real Estate in General, you can contact us anytime. 

Cheers, Anders Anders Treiberg, Associate Broker, REALTOR®Properties In Victoria Professionals– Royal LePage Coast Capital Realty Anders Treiberg has been a REALTOR® in Victoria, BC. since 1990. He has extensive Real Estate Expertise and can be reached on his website

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