New home construction in Canada increased 3 per cent in June to 202,818 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 184,000 units SAAR was up slightly and is in-line with Canadian household growth.
Housing starts in BC rose from just over 24,000 units SAAR in May to 35,000 units SAAR in June. On a year-over-year basis, housing starts jumped 30 per cent. Single-detached starts were 12 per cent higher year-over-year while multiple unit starts were up 38 per cent compared to this time last year. Year-to-date, housing starts in BC are up 15 per cent.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 39 per cent year-over-year in June as both single and multiple unit starts posted double digit increases. In the Victoria CMA, a sharp decline in multiple units starts dragged new home construction down 29 per cent year-over-year. Total housing starts in the Kelowna CMA were up 7 per cent year-over-year in June as strength in multiple unit starts overcame a dip in construction of single units. Housing starts in the Abbotsford-Mission CMA spiked 37 per cent higher compared to June 2014, propelled by stronger single unit starts.
Copyright BCREA – Reprinted with Permission