Canadian housing starts increased 7.2 per cent in
November to 211,916 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing
starts of 208,401 units SAAR has risen for several months and is currently
above the rate of household formations in Canada, a sign that new home
construction could slow next year.
Housing starts in BC fell 24 per cent following a similar
size increase the previous month, registering 25,507 units SAAR. On a year-over-year basis, housing starts
were down 10 per cent with both single detached and multiple starts posting
declines compared to last year. Year-to-date, total housing starts in BC are up
11 per cent compared to 2014.
Looking at census metropolitan areas (CMA) in BC, total
starts in the Vancouver CMA were down 9 per cent year-over-year in November
following a large increase in new home construction in October. Single detached units were down 5 per cent
while multiple units were off 10 per cent year-over-year. In the Victoria CMA, new home construction
was 55 per cent lower compared to November 2014. Multiple starts accounted for
all of the decline while single units starts were 2 per cent higher. Total
housing starts in the Kelowna CMA fell 28 per cent year-over-year with both
single and multiple unit starts posting weaker November new home construction
than in 2014. Housing starts in the Abbotsford-Mission
CMA were the lone CMA to post a gain in November with housing starts more than
quadrupling to 111 total units compared to just 25 units in November 2014.
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