Lower-priced town homes are hot

New home starts in Greater Vancouver continue to be strong as the end of the year approaches. Total housing starts are up five per cent over last year's levels driven by strong multiple-family (Townhouses, condos) construction. Single-detached starts continue to lag last year's totals by one-third. With the average price of a new single-detached house reaching over $800,000 in the Vancouver region, buyers have shifted their demand to lower-priced town homes and apartment condominiums. As a result, there has been a strong increase in multiple-family home construction. In the Fraser Valley, October was a slow month, with Abbotsford and Chilliwack recording a total of 105 home starts. Single-detached housing starts in the Abbotsford area continue to outpace last year's activity by 24 per cent, while multiple-family home construction has dropped by one-third in the area.