Canadian Housing Starts

Canadian housing starts jumped 24 per cent in April to 194,809 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian new home construction is more or less stable at 183,000 units SAAR. That level of construction is in-line with Canadian household growth.

New home construction in BC urban centers dipped slightly in April, falling 5 per cent to 24,976 units SAAR. On a year-over-year basis, housing starts were up 9 per cent compared to April 2013. Single-detached starts rose 34 per cent while multiple units were down 1 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 2 per cent year-over-year in April. The decline was led by a 6 per cent decrease in multiple units while single-detached units rose 12 per cent. In the Victoria CMA, total starts fell 46 per cent compared with April 2013 due to a steep decline in multiple units starts. New home construction in the Kelowna CMA continued to enjoy solid growth in April, rising 13 per cent due to a 27 per cent rise in multiple starts. Housing starts in the Abbotsford-Mission CMA were up considerably from very weak construction levels in April 2013. Total starts rose to 103 units from just 12 in the previous April.

Copyright BCREA –reprinted with permission