Vancouver - July 2009 Housing Starts

The Canada Mortgage and Housing Corporation released housing starts yesterday for the month of July and it was in the news across the nation. Vancouver saw a measly 516 housing starts during the month of July.

This does not bode well for construction employment. Many of the nearly 20,000 units under construction currently will complete in the next 6 months and I expect the number of unemployed construction workers will skyrocket as there are very few projects to pick up the excess labour.