B.C. home construction is booming. The province is at an eight-year high with construction starts, according to the Canada Mortgage and Housing Corporation. The increase is likely because of a low supply of housing units, while the demand remains high.
Nationally, more houses are being built in Canada in the month of February.
Standalone monthly seasonally adjusted rates show more than 212,000 housing units started to be constructed in Canada in February, compared to about 165,000 units in January. About 200,000 of those units were urban starts, according to the report, while 12,000 were rural starts.
The prairies, however, are sitting at a four-year low for housing unit construction starts.
The CMHC says they use this data to get an idea of the state of Canada’s housing market. Aside from B.C., other areas of the country saw in increase in construction starts as well, such as Ontario, Quebec, and Atlantic Canada.