Just like prices, Metro Vancouver’s condo construction boom cooled in 2013. However, construction of laneway houses seems to have picked up the slack.
The Canada Mortgage and Housing Corporation has reported a 2 per cent drop in Metro Vancouver home starts last year to just under 19,000. Condos, which represent the largest part of the new home construction market, fell by 6 percent to just under 15,000.
Construction of single-detached homes increased 18 per cent. This is partly due to the laneway houses popping up all over the city and surrounding suburbs.
Nationwide, the federal agency says housing starts fell 12 per cent to 170,000 last year