June hottest month for housing starts in Vancouver since 1990

June set the mark for housing starts in Metro Vancouver, trending at the highest volume since 1990.

The Canadian Mortgage and Housing Corporation (CMHC) announced Monday that housing starts last month were trending at 29,932 units compared to 28,234 in May.

The number is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. There were a total of 35,445 units started in June alone, compared to 23,513 in May.

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This is the second-highest number of housing starts in a month in 2016.

CMHC says the number was high due to a large increase in muti-family homes.

“Vancouver housing starts continue to pick up pace for all home types, pushing the trend measure to its highest level since 1990,” said Robyn Adamache, CMHC principal market analyst for Vancouver.

“With low inventories of new and unsold homes and a limited number of existing homes for sale, developers have increased the number of housing starts to meet demand.”

Vancouver saw the second highest number of housing starts in Canada last month, behind Toronto with 45,848, in large part due to new condo construction in the downtown core.