There are signs that the housing market is picking up in the Lower Mainland.
Canada Mortgage and Housing Corporation (CMHC) reports housing starts across the Vancouver Census Metropolitan Area (CMA) in January increased compared to the same month a year ago, totalling 1,436 homes. Most of these home starts were in Vancouver City, followed by Surrey and Burnaby.
In the Abbotsford CMA, there were 35 housing starts counted during the first month of 2011, compared to 26 housing starts in January 2010.
“Multiple family projects that were planned by developers during the last year and a half are beginning to break ground in 2011,” noted Robyn Adamache, CMHC’s senior market analyst.