CMHC has released July housing starts numbers for Vancouver Island and Victoria. For Victoria, July 2007 housing starts were more than double that of July 2006. Year-to-date, housing starts in Victoria are up 19% in 2007 over 2006.
B.C., as a whole, and nationally, housing starts are down.
Statistics Canada has released the New Housing Price Index for June. Victoria had the second lowest price increase from June 2006 to June 2007, at 0.5%. The lowest price increase belongs to Windsor, ON, at -2.3%.
Go figure. In Victoria, housing starts are up, and prices are stagnant. The rest of Canada is seeing price increases, yet housing starts have decreased. Supply and demand? Looks like it.