Nelson BC real estate blog by Robert Goertz of Valhalla Path Realty. Keeping you up to date with the Nelson and West Kootenay real estate markets.
Wednesday, October 8, 2014
Canadian Housing Starts
New home construction in Canada held relatively steady in September, rising a slight 0.5 per cent to 197,343 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 197,747 units SAAR sits slightly in excess of Canadian household growth.
Housing starts in BC urban centers moderated from a high mark in August, falling 19 per cent to 27,570 units SAAR in September. On a year-over-year basis, housing starts were down 7 per cent compared to September 2013. Single-detached starts, were up 14 per cent while multiple units were down 14 per cent compared to this time last year. Year-to-date, total BC housing starts are 6 per cent higher than 2013.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA fell 5 per cent in September as an 11 per cent decline in multiple starts offset a 16 per cent rise in singles. Year-to-date, Vancouver housing starts are up 5 per cent. In the Victoria CMA, new home construction fell 32 per cent year-over-year due to low levels of construction in the multiples sector. Year-to-date, housing starts in Victoria are down 19 per cent. New home construction in the Kelowna CMA continued its robust pace in September, rising 46 per cent year-over-year. Year-to-date, housing starts in the Kelowna CMA are up 45 per cent . Housing starts in the Abbotsford-Mission CMA tumbled 62 per cent on a year-over-year basis due to the relative absence of new multiple unit developments in September. Year-to-date, new home construction in the Abbotsford-Mission CMA is down 29 per cent.