As I see it, we use housing starts as a proxy for completions as its easier to measure a permit issued than it is to measure occupancies, so I have no issue with CMHC's method. At excavation a developer has very little invested and could walk away or shut it down, while a completed foundation in the ground signals commitment to complete. Yes it can take a year for a large multistorey foundation to be completed, but 3-6+ years of planning, zoning, engineering and design preceeded that.
I'm pleased to see you have finally enabled comments on your articles. Housing is a very complex issue and engaging many viewpoints in conversation will go a distance to a more informed slate of solutions. And on that note, while an economist's view is important, so is the view from the developer, the A&E group, the constructors, the municipal planners tasked with reviewing development submissions and issuing/or not - building permits.
In Halifax it takes well over a year for many large building to excavate for underground parking due to needing to blast and haul away the slate. This is super interesting.
As I see it, we use housing starts as a proxy for completions as its easier to measure a permit issued than it is to measure occupancies, so I have no issue with CMHC's method. At excavation a developer has very little invested and could walk away or shut it down, while a completed foundation in the ground signals commitment to complete. Yes it can take a year for a large multistorey foundation to be completed, but 3-6+ years of planning, zoning, engineering and design preceeded that.
I'm pleased to see you have finally enabled comments on your articles. Housing is a very complex issue and engaging many viewpoints in conversation will go a distance to a more informed slate of solutions. And on that note, while an economist's view is important, so is the view from the developer, the A&E group, the constructors, the municipal planners tasked with reviewing development submissions and issuing/or not - building permits.
In Halifax it takes well over a year for many large building to excavate for underground parking due to needing to blast and haul away the slate. This is super interesting.