Overbuilt?

According to census data, just over 21,000 people moved to the CRD between 2001 and 2006.

According to BC Stats, just 11,776 new units of housing were created.

21,000 at 2.3/household would need about 9130 units of construction.

Two things we can assume then:

1. 23 percent of new unit construction is aimed at owners that don't live here OR
   
2. that 23 percent can be explained by the copious amount of single owner occupier units there are in this town

We know that approximately 40% of Victorians don't own the homes they live in, so is it fair to assume that the new unit construction would break down roughly the same?
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Seems to me there are too many units, and too few owners, and too few immigrants, and two few... you get my meaning.

Are we overbuilt? If so, by how much? I see stats that say we have 7-9 months of inventory right now. Usually that's a buyers market. Is this a buyer's market? Sellers?

Update: H/T to Nick in comments for corrected math.

Just a wee bit of irony in this one

I'm surprised no one's mentioned this in any significant way. First, thankfully no one is hurt. From the looks of this photo, it can only be described as a miracle that no one was even scratched.

Now some questions.

I've heard that with the pace of new construction and the considerable demand for tradespeople that hiring standards have been relaxed and in some cases the ratio of journeymen to apprentices to labourers is ridiculously in favour of labourers. Not saying this had anything to do with the "Fall" of the--can we call it a wall?--at The Falls, just asking is all?

I've noticed in the house hunt that quality is pretty shoddy in some new "luxury" condos we've toured, and often wondered if the quality is shoddy in what we can see, imagine what it's like on the bits we can't. Like the structural stuff.

The Falls accident isn't the first major construction mishap I've heard of this year. I know that a clay wall came down in The Juliet when they were prepping for pouring the foundation and walls for the underground parking.

I'd be concerned if I owned a unit in one of these two places. Can I get my deposit back now that this has happened?

The past few years of crazy prices and even crazier pre-sales has me worried. Are we in for another condo crisis? This one caused not by rain screen technology but by poor quality building due to labour shortages and build 'em as quick as you can mentality?