Tuesday, August 11, 2015

Canadian Housing Starts

New home construction in Canada dipped 4.5 per cent from June to July to 193,000 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts of 185,500 units SAAR was up slightly and is in-line with Canadian household growth. 

Housing starts in BC continued at a robust rate in July, rising to 36,500 units from an already strong 35,000 units SAAR in June.  On a year-over-year basis, housing starts increased 36 per cent with single-detached starts 3 per cent higher while multiple unit starts were up 54 per cent compared to this time last year. Year-to-date, total housing starts in BC are up 19 per cent. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 44 per cent year-over-year in July due to a 60 per cent surge in multi-unit starts. In the Victoria CMA, the rate of new home construction more than doubled compared to July 2014. Total housing starts in the Kelowna CMA were up 63 per cent year-over-year as strength in multiple unit starts overcame a second consecutive month of declining construction of single units. Housing starts in the Abbotsford-Mission CMA jumped 47 per cent compared to this time last year on broad strength in both single unit and multiple starts.

Copyright BCREA - reprinted with permission 

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