by : Richard Admiraal, REALTOR®
We follow real estate stats very closely to know our market. When reviewing stats like this it is interesting to note how many new homes are being built for sale vs. for rent? We believe in the real value of Home Ownership and are in the business of helping our clients buy/sell real estate. It is important to us to know the number of new homes coming into our market that will be for sale as this will effect housing inventory and housing pricing for those looking to sell or purchase real estate.
In British Columbia new housing starts were 28 percent higher in November, 2024 than the previous year and 18 percent higher than last month. Interestingly, housing starts at this time are up significantly in Kelowna, but lower in Vancouver, Victoria and Abbotsford.
Kelowna: +46%
Vancouver: -14%
Victoria: -16%
Abbotsford: -8%
Nanaimo: -7%
Important to note these housing starts include multi-family units typically built these days as intended for rent in Chilliwack, BC. Abbotsford has many more condos available for sale.
The data indicates that single-detached housing starts in areas of BC with 10,000 or more residents for November 2024 were 4,586 units, which is very similar to the number of starts in November 2023. This suggests that there was little change year-over-year in the number of single-detached homes started.
Thanks to BCREA (British Columbia Real Estate Association) Economics Now reports for some of the very best economic reports available in BC.
Follow new construction offered for sale in Chilliwack at https://www.admiraal.ca/chilliwack-new-construction
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