There’s another cautiously optimistic report about the state of real estate in the Lower Mainland, this one from the Chartered Professional Accountants of British Columbia, one of the province’s largest professional organizations dedicated to being “on the front lines of business in B.C.” According to a CPABC reports, housing starts in Southwest B.C. increased by 1.7 per cent last year.
The 29,414 housing units started last year is the second-highest total in history, set in 2019 on the eve of the pandemic.
“Given the housing affordability crisis across Southwest B.C., and with the expectation we will see significant population growth over the coming years, it is encouraging to see robust residential investment in 2022,” said President and CEO Lori Mathison.
Detached home construction was up by 14.4 per cent. Attached home starts declined slightly (0.8 per cent) and accounted for more than 80 per cent of all starts.
Added Mathison:
“Despite growing headwinds throughout the year, the level of building investment remained robust in 2022.”
That positive outlook is cautious because of inflation and interest rate concerns moving forward, and because of fewer building permits. The CPABC report revealed a decline of 22.8 per cent in residential permit values, and 14.2 per cent for non-residential permits.
In 2022, CPABC reports that “investment in Southwest B.C. was stronger than other regions in the province last year, driven by a mix of private and public investments. These investments boost housing supply, improve connectivity in the region, and provide substantial economic activity.”