Local builders still busy as real estate market takes a break

The real estate market may be taking a breather, but there has been no such break for homebuilders in the region judging by new housing start figures from the Canada Mortgage and Housing Corporation.It’s a tale of multi-family projects in two parts of the region, said Casey Edge, executive director of the Victoria Residential Builders Association.

The fact builders in at least two of the region’s centres are busy may help the market catch up a bit, as the number of property sales has slowed considerably. The B.C. Real Estate Association released numbers on Tuesday showing Victoria’s sales dropped 37.5 per cent in July compared with the same time last year, while the Island saw a 40 per cent drop and the province fell 42 per cent.

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Local builders still busy as real estate market takes a break2,681 new homes were started through the first seven months of this year in Greater Victoria, ahead of last year’s pace when 2,500 new units were started
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CREA economist: Market decline 'hopefully' endingShaun Cathcart, an economist with the Canadian Real Estate Association says the market decline and interest rate hikes are hopefully nearing Sorry, but house prices need to fall more and interest rates have to go up. This massive profit taking has to come to an end. Governments can't continue to print money while the business community hides trillions overseas, & begs for more money and bigger breaks.
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