If the ample supply of cranes in 91大黄鸭鈥檚 downtown aren鈥檛 evidence enough, there鈥檚 more cause to believe that this city is in the throes of a building boom.
It was a record breaking year for Housing Starts in 91大黄鸭, the Canadian Mortgage and Housing Corporation announced earlier this month, noting that 2017 saw 3,577 units go under construction with 923 being single-detached homes and the remaining 2,654 being condominiums and apartments. Of note 1,773 of the projects鈥攔oughly 53 per cent鈥攗nder construction were rental units and that is the largest number of rental units constructed in the region since 1977.
鈥淚n the past few years we have seen strong migration into the 91大黄鸭 area,鈥� said CMHC senior market analyst Taylor Pardy.
鈥淚n 2016, the area gained 4,000 people and that鈥檚 been fuelling population growth in the area 鈥� and the labour market bounced back in 2017. Employment numbers moved up 10 per cent. That was a driver in housing starts.鈥�
It鈥檚 not just retirees moving to the area, either. Pardy said that people between the ages of 25 and 34-years-old are moving to the area in a stronger way in addition to the 55-years and older segment of the population.
While 2017 will go down as a banner year for construction, what remains to be seen is whether the pace will be kept up going forward.
鈥淲e are anticipating housing starts to moderate from record level in 2018 a little bit,鈥� said Pardy, adding that 2018 and 2019 will be en par with 2006 and 2007, as far as construction goes.
Double-digit increases in 91大黄鸭 home prices were the norm during the fourth quarter of 2017, according to the Royal LePage House Price Survey released Wednesday.
During the period, the aggregate price of a home in the region increased 12 per cent year-over-year to $637,894.
When broken out by housing type, the report showed significant year-over-year growth in prices across all housing types surveyed in 91大黄鸭. In the fourth quarter of 2017, the median price of a two-storey home, bungalow and condominium increased eight per cent, 16.7 per cent and 19.5 per cent year-over-year to $718,131, $634,927 and $412,280, respectively.
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鈥淭he 91大黄鸭 housing market remained strong in the fourth quarter, with sales keeping pace right through to Christmas,鈥� said Francis Braam, managing broker and owner, Royal LePage 91大黄鸭, in a press release.
鈥淲e continue to see an influx of buyers coming from the Lower Mainland and Alberta to take advantage of 91大黄鸭鈥檚 relative affordability. This, coupled with the strong economy and an influx of younger people taking advantage of employment opportunities in the city, has increased home prices and pushed the region into a seller鈥檚 market across all housing categories.鈥�
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