Vancouver sprouting cranes with 16 condo towers in progress and 67 others in the works
Cheryl Chan, The ProvincePublished: Sunday, June 24, 2012
Amid newly-tightened mortgage rules and concerns of an over-supply in the Toronto condo market that prompted financial authorities including Bank of Canada governor Mark Carney to sound an alarm this week, we think we've earned the right to ask: Is Vancouver oversaturated with condos?
Here's some sobering figures.
Housing starts in Vancouver are up in the first five months of 2012 compared to the same period last year, driven largely by multiple-unit dwelling construction – which is up by about 50 per cent from last year.
According to the Canada Mortgage and Housing Corporation, 5,503 condo units are under construction in Vancouver in April, adding to the existing 230,000 units already in the city.