Canadian Housing Starts

Canadian housing starts registered 192,094 units at a seasonally adjusted annual rate (SAAR) in February, a 6.4 per cent increase from January.  The trend in Canadian new home construction also increased slightly to 192K units SAAR over the past six months, a rate that is close to the level that demographic demand suggests is needed.  

New home construction in BC urban centres dipped almost 12 cent in February to 22,730 units SAAR. However, on a year-over-year basis, housing starts rose 7 per cent compared to February 2013. Single-family starts rose 9 per cent while multiple units were up 6 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 6 per cent year-over-year in February, led by a 10 per cent increase in multiple units. In the Victoria CMA, total starts were just half the level observed in February 2013 due to relative inactivity in the multiple sector. New home construction in the Kelowna CMA was up 64 per cent year-over-year on broad strength in both single and multiple unit starts.   Housing starts in the Abbotsford-Mission CMA were sharply lower on a year-over-year basis in February, though the large year-over-year decline was due to an unusually strong month for multiple units last February.

Copyright BCREA – reprinted with permission