Monday, April 30, 2007

CMHC "Housing Now" Report for March

CMHC released the March edition of "Housing Now" for Victoria today. It can be found here.

Items of note:
  • Housing starts year to date are nearly equal for 2006 and 2007.

  • Units under construction year to date are way up for 2007. Most notably, condos are up 55.3%.

  • Units completed and not absorbed are up 35% year to date.

  • Months of inventory based on March 2007 numbers - SFH 2.22, townhomes 2.87, condos 3.12

I'd disregard the months of inventory for condos, as so many condo developments do not have their units listed on MLS. Based on the CMHC numbers given, the March MOI for SFH and TH are quite low. However, I'm confused with their numbers. A quick sum of the CMHC active listings for March equals 1827. VREB states that active listings for March were 3079. What gives?