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New home construction keeping builders busy

The year-to-date number of new single-family homes completed and sold are both up significantly over the same period last year, according to Canada Mortgage and Housing Corporation figures issued Tuesday.
new construction

The year-to-date number of new single-family homes completed and sold are both up significantly over the same period last year, according to Canada Mortgage and Housing Corporation figures issued Tuesday.

The count for completions stood at 32 as of the end of March, compared to seven over the first three months of 2017 while the so-called "absorption rate" for single-detached units was 24 compared to 10 by the same point last year.

The unabsorbed inventory was 17, compared to 15 year-to-date in 2017 - "fairly static" said Jody Tindill, a past president of the Canadian Home Builders Association-Northern B.C.

The average price for a new house stood at $461,255 in March, compared to $413,512 in February and $462,276 in December. Tindill said the cost of building a new home has been escalating thanks to the rising costs of building materials, notably lumber, plywood and insulation.

There have also been completions on 116 apartment units, compared to zero over the first quarter last year, while 47 remained under construction as of the end of last month.

"It's a little early to tell how we're going to be doing this year but all indicators are we'll remain fairly busy," Tindill said.

The full report is posted with this story at pgcitizen.ca.

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