A term generally referring to the taking
in and utilization of new housing within the
real estate market.
CMHC
provides a range of widely accepted
definitions concerning the absorption of
residential housing.
Absorption
Newly completed units sold or rented.
Units sold or leased before construction are
not considered as absorbed until the
completion stage. Condominium units are
considered to be absorbed when a firm sale
has been reported, even though the unit may
not be occupied.
Completed and Not Absorbed
Newly constructed, completed units that
have never been sold or rented.
Completion
Completion of a single detached or a
semi-detached home occurs when 90% or more
of the structure is complete.
Generally, a structure may be considered
complete and ready for occupancy when
seasonal deficiencies and or minor
infractions of building codes remain.
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