B.C. Real Estate Association Senior Economist hopes recent housing figures not harbingers of a declining trend
Brendon Ogmundson, chief economist with the British Columbia Real Estate Association, says he hopes a "sharp decline" in the number of new multiple units, as well as a decline in the number of new single-family units, does not signal worse things to come.
Ogmundson pointed to these numbers while responding to new figures from Statistics Canada that show the value of new building permits issued in June 2024 dropped by 23 per cent, the third-worst decline among Canadian provinces, while the value of new residential permits dropped by 11.5 per cent. While the value of new single-residential permits rose by four per cent, the value of new multi-family permits dropped by almost 20 per cent.
B.C.'s Ministry of Housing said in a statement that government is making up for years of needed homes not being built. The statement acknowledges declining housing starts — down eight per cent to just 22,300 compared to the same period last year, a record year for housing starts in B.C.
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