There is no let-up in sight for Canterbury’s housing shortage, according to ASB’s latest Cantometer report.
It says housing shortages are a constraint despite an initial lift in residential building activity.
The Cantometer compiles available data about the region into a series of sub-groups that reveal the state of the economy.
ASB Chief Economist Nick Tuffley said: “The level of non-residential consents remains very elevated and indicates strong demand ahead in the construction pipeline. In addition, continued lifts in residential building consents provided some offset the decline in non-residential consents.”
But new housing consent figures are dropping.
Tuffley said the pick-up in building activity had yet to make any meaningful difference to housing supply.
There is a steady inflow of migration into Canterbury, keeping pressure on prices.