CMHC reports a 42 per cent increase in housing starts in Windsor-Essex
The president of the Windsor-Essex Home Builders' Association says the desire for new homes in this area is "almost insatiable."
Vince Lapico says when it comes to entry-level homes and semi-detached, it seems they can not be built fast enough.
The Canada Mortgage and Housing Corporation announced Thursday that the seasonally adjusted annual rate of overall housing starts in the region was at 1,519 units in August. That's a 42 per cent increase compared to the 1,066 starts in July.
Lapico, who's also president of VLC Homes, is expecting even more to come across Windsor-Essex with more land being opened up for building, saying that will pave the way for a good three to five years of construction in the area.
Lapico says you're going to see more property opening up for building, which is going to be great for the area.
"There has been a bottleneck because of COVID and we also had some issues with getting land online but those things seem to be clearing up and it's paving the way for probably a good three to five years of construction in our area."
Lapico says they had some issues getting more land, but those seem to be opening up and clearing the way for a good three to five years of construction in the area.
"Everybody's waiting for these new housing developments to come online but from what I see there's a lot of stuff that's on the horizon really quick," he continued. "So, I would say in the next 18 to 24 months there's going to be a lot of new supply and it should help satisfy some of the needs."
Lapico says the demand has been right across the region.
"The desire for new homes is almost insatiable. Especially, I don't want to say on the lower end, but on the entry-level homes and semi-detached, it seems to be that they can not be built fast enough," he said.
The local figure compares to a seasonally adjusted rate of 260,239 units across Canada in August, down from 270,744 in July, a four per cent decrease.