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A look at investment trends across B.C. flags significantly lower housing starts in 2020, even as there has been a COVID-19 boom in home sales and prices rocket-fuelled by banks offering very low interest rate mortgages.
The number of housing units that started construction in southwest B.C. fell by 21.7 per cent in 2020 compared to the number in 2019, according to an annual economic outlook report by the Chartered Professional Accountants of B.C. (CPABC)
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CPABC report: Kootenay housing starts up 65.4% while significant investment stumbles in 2020
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In 2020, a total of 397 housing units began construction in Cranbrook and Nelson, up from 240 units in 2019.
BC Check-Up: Invest is an annual report completed by the Chartered Professional Accountants of British Columbia (CPABC) which looks at investment trends across British Columbia, including the housing market in the Kootenays.
According to the report, just 41 units were under construction in the two communities to start the year. The number then jumped to 70 additional units by the third quarter of 2020 while 286 new units broke ground to end the year, leading to their findings of 397 housing starts.
VANCOUVER, British Columbia, Feb. 19, 2021 (GLOBE NEWSWIRE) According to
BC Check-Up: Invest, an annual report by the Chartered Professional Accountants of British Columbia (CPABC) on investment trends across the province, the number of housing units that began construction in Southwest B.C. fell by 21.7 per cent in 2020 compared to the number started in 2019.
“The COVID-19 pandemic caused great uncertainty for investors across the province, including in Southwest B.C.’s typically robust housing market. Throughout 2020, nearly 6,800 fewer housing units began construction compared to the previous year,” said Lori Mathison, FCPA, FCGA, LLB, president and CEO of CPABC. “With recent residential price increases due to excess demand, this does not bode well for the affordability crisis in the region going forward. However, the situation has improved in recent quarters.”