Canadian housing starts rose about 1 per cent in May to
198,324 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian new home
construction is more or less stable at 184,400 units SAAR. That level of
construction is approximately in-line with Canadian household growth.
New home construction in BC urban centers increased 12
per cent on a monthly basis to 27,950 units SAAR. On a year-over-year basis,
housing starts were up 32 per cent compared to May 2013. Single-detached starts
rose 20 per cent while multiple units were up 37 per cent.
Looking at census metropolitan areas (CMA) in BC, total
starts in the Vancouver CMA were up 34 per cent year-over-year in May. The
increase was driven by a 47 per cent rise in multiple units over last year
while single-detached units rose 5 per cent. In the Victoria CMA, total start
jumped 151 per cent year-over-year as multiple unit construction was over five
times the rate of construction in May 2013. New home construction in the
Kelowna CMA was also sharply higher, rising 90 per cent year-over-year due to strong gains in both single and multiple
unit starts. Housing starts in the Abbotsford-Mission CMA rose 9 per cent
year-over-year in May as singles rose 17 per cent and multiple unit starts were
up 8 per cent.
Copyright BCREA – reprinted with permission
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