Employment
Canadian employment dropped by 39,000 in July, pushing the national unemployment rate higher by 0.1 points to 7.2 per cent. Employment growth has averaged 11,000 per month over the past six months.
BC gave back the nearly 9,000 jobs gained in June as employment fell by 12,000 in July. The provincial unemployment rate rose 0.4 points to 6.7 per cent. In the twelve months to July, employment has grown just 0.1 per cent in BC. The decline in employment was led by a decline in part-time work of nearly 18,000 while full-time payrolls expanded by 6,100.
Housing Starts
Canadian housing starts were relatively unchanged in July at a seasonally adjusted annual rate (SAAR) of 192,853 units, but were 9 per cent lower than July 2012. Year-to-date, Canadian housing starts on trending at a rate of 187,400 units annually.
New home construction in BC urban centres built on momentum in June, rising 4.9 per cent to 30,832 SAAR. On a year-over-year basis, total starts were 28 per cent higher than July 2012. Single-detached starts fell 9 per cent last month compared to July 2012 while multiple units rose 47 per cent.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were 40 per cent higher compared to last year with multiple starts jumping 51 per cent while single-detached starts were up 2 per cent. New home construction in the Abbotsford CMA fell 4 per cent in July as continued strong growth in multiples was offset by weaker single-detached starts. Housing starts in the Victoria CMA were lower once again, falling 37 per cent compared with June 2012. Housing starts in the Kelowna CMA were up sharply in July, rising 48 per cent year-over-year as a result of a 244 per cent year-over-year increase in the construction of multiples.
Copyright BCREA - reprinted with permission
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