Canadian housing starts held steady in June, registering just under 200,000 unit at a seasonally adjusted annual rate (SAAR). The trend in Canadian new home construction remained relatively unchanged as well, albeit up slightly to 184,500 units SAAR over the past six months. On a year-over-year basis, housing starts were down 10 per cent.
New home construction in BC urban centres jumped close to 40 per cent month-over-month in June to a seasonally adjusted annual rate of 29,346 units. On a year-over-year basis, total starts were 13 per cent lower than June 2012. Single-detached starts were 2 per cent lower over last year, while multiples declined 17 per cent. For the first six months of 2013, total BC housing starts are down 17 per cent and are trending at a rate of 23,400 for the year.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were 14 per cent lower compared to last year with multiple starts off 17 per cent while single-detached starts were up 1 per cent. New home construction in the Abbotsford CMA posted a 350 per cent increase in June compared to a fairly weak 2012 due to strong growth in multiples. Housing starts in the Victoria CMA were down 43 per cent compared with June 2012 as a sharp decline in multiple starts offset a 13 per cent gain in new single family units. Housing starts in the Kelowna CMA were 29 per cent higher year-over-year as a result of strength in both the single family and multiple sector.
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