Housing activity has been elevated relative to historical norms for close to a decade now (Chart 12). After a sharp but brief decline when consumers froze in the darkest days of the financial crisis, housing activity rebounded quickly, rising to a near record level in 2012.
The total number of housing units under construction is now well above its average relative to population (Chart 13). This is entirely accounted for by multiple-unit dwellings (which include condominium units).