11 Jan 2012

New trend in Canada: Multi-family homes

According to the Canada Mortgage and Housing Corporation (CMHC), a new trend in the Canadian housing market is rising – multi-family homes. This new trend may come with different challenges, like finding storage solutions for excess furniture and valuables from a single family home.

CMHC found that in Vancouver, British Columbia, there were 17,867 housing projects started in 2011, this in comparison to 15,217 homes built in 2010. The growth may show signs that the economy in BC and areas like Toronto or Quebec is starting to pick up, or at the very least that citizens are getting wiser with their investments.

"Multiple-family starts fuelled growth in new home construction in 2011," said Robyn Adamache, CMHC's senior market analyst. "There were 14,181 multiple unit housing starts in 2011 compared to 10,684 units a year ago. Solid market trends and a more positive economic outlook compared to a year ago have provided the impetus for developers to undertake larger projects in 2011."

Adamache added that single family homes have declined in 2011, with just 3,686 new homes in comparison to 4,533 houses built in 2012.

Although new constructed multi-family houses will have enough room for residents, they may not have the same space as a family's previous home. Families will want to find reputable self storage facilities to keep their possessions safe as they transition into new homes.

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