Zakiya has reported on real estate for Apartment Therapy, Curbed, and Post City Magazines. She also writes a quarterly series for a Canadian design publication.
“Many of the projects breaking ground last month were financed prior to the recent monetary tightening cycle, which has helped to keep housing starts aloft.”Despite the fact that residential construction remains firmly under the thumb of higher interest rates, the annual pace of Canadian housing starts shot up unexpectedly by 16% in June, according to Canada Mortgage and Housing Corporation.that there were 279,509 starts recorded in July, up from 241,643 units observed in June.
“However, this optimism is tempered by challenges such as construction labour shortages, inflation in building materials costs and weaker homebuilder sentiment,” she warned. Also on year-to-date bases, Toronto saw starts come down 9.5% compared to 2023, the government agency said, while Vancouver’s starts slid 18% after seeing a “record year for new home construction” in 2023. On the contrary, starts were up 47% in Montreal, “showing some recovery from a historically low year for new home construction in 2023.
“The approval process is brutal today," says Eric Carlson, Founder and Chief Executive Officer of Anthem Properties, one of BC’s largest developers.The development site at 41 Wabash Avenue is one of a dozen from the Vandyk Group of Companies in receivership.While Kelowna has not traditionally been known for the condominium lifestyle, recent years have seen an increasing number of shimmering new builds rising — and with more on the way.
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