Canadian housing starts jumped close to 30 per cent in
February following a dip in activity to start the year. Total housing starts
were 212,594 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing
starts of 198,880 was up slightly.
Housing starts in BC were the highest on record in
February, reaching an astounding 50,780 units SAAR. The record-setting pace of
new home construction was the result of record setting pace of starts of
apartments and other multi-family units, which were up 183 per cent on a
year-over-year basis.
Looking at census metropolitan areas (CMA) in BC, total
starts in the Vancouver CMA were up 199 per cent year-over-year in February due
to a record setting month for multiple unit starts. In the Victoria CMA,
housing starts were up 46 per cent year-over-year with strong gains in both
single and multiple starts. Home construction in the Kelowna CMA also posted
strong gains as starts of multiple units hit an 8 year high and total starts
increased 253 per cent year-over-year. Housing starts in the Abbotsford-Mission
CMA were up 49 per cent in February on broad strength in both single and
multiple units starts.
Copyright BCREA – reprinted with permission
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