Employment
Canadian employment expanded by 13,200 jobs in October,
and the total number of employed rose 1.3 per cent compared to October of last
year. The unemployment rate remained unchanged at 6.9 per cent.
In BC, employment again fell, with firms shedding over
5,000 jobs for a second consecutive month. In spite of job losses, the
provincial unemployment rate actually declined 0.2 points to 6.5 per cent due to
a sharp drop in those looking for work. Year-to-date, employment in BC has declined 0.1 per cent.
Housing Starts
Canadian housing starts increased 1.2 per cent in
September to 198,282 units at a seasonally adjusted annual rate (SAAR). The trend in Canadian new home construction
rose as well, to 195,338 units SAAR over the past six months, a rate that is
slightly higher than demographic demand suggests is needed. On a year-over-year basis, housing starts
were down 5.4 per cent.
New home construction in BC urban centres declined in
October, falling 19.2 per cent to 23,918 units SAAR . On a year-over-year
basis, total starts were 9 per cent lower than October 2012. Single-detached
starts were up 15 per cent over last year, while multiple starts fell 18 per
cent. Year-to-date, total BC housing starts are down 5 per cent.
Looking at census metropolitan areas (CMA) in BC, total
starts in the Vancouver CMA fell 13 per cent year-over-year at 1,533
units. Single family starts increased 32
per cent while multiples fell 22 per cent. In the Victoria CMA, total starts
continued to be somewhat volatile, falling 28 per cent year-over-year on the heels of a 40 per cent increase in
September. New home construction in the Kelowna CMA jumped 87 per cent
year-over-year in October due to a sizable increase in multi unit starts. In the Abbotsford-MIssion CMA, starts were
down 29 per cent year-over-year.
Copyright BCREA – reprinted with permission
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