We’ve analyzed First Quarter figures (January, February, March) from 2015 to 2024:
Housing Starts:
These numbers have fluctuated significantly over the years.
The lowest recorded start was 41 in 2016/Q1, while the highest was 635 in 2021/Q1.
Houses Under Construction:
Consistently, the number of houses under construction has exceeded both housing starts and completions.
This suggests ongoing development and growth in the area.
Completions:
Interestingly, they show the lowest figures, indicating that not all started projects are completed immediately.
Trends:
The years 2018 to 2020 witnessed the largest percentage decreases in total dwellings built compared to the previous Q1.
Encouraging to see that the first quarter of 2024 already has 211 housing starts compared to Q1 2023 which saw 120 starts.
Definitions (CMHC)
Housing start
Defined as the beginning of construction work on a building.
This is usually when the concrete has been poured for the whole of the footing around the structure or an equivalent stage where a basement will not be part of the structure.
Under Construction
Refers to the number of units under construction at the end of the period shown and takes into account certain adjustments which are necessary for various reasons.
For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start.
Completion
Defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10% of the proposed work remains to be done.
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