Canadian housing starts were essentially flat in November, declining just 0.2 per cent to 264.2k units at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from November of 2021 (14 per cent). Single-detached housing starts fell 5 per cent to 67.8k, while multi-family and others rose 2 per cent to 196.4k (SAAR).
In British Columbia, starts rose by 9 per cent in November to 50.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent m/m to 7.4k units while multi-family starts rose 13 per cent to 39.6k units. Starts in the province were 28 per cent above the levels from November 2021. Starts were up by 2k in Vancouver and 0.9k in Kelowna, but were down by 0.1k in Abbotsford and unchanged in Victoria. The 6-month moving average trend rose 3 per cent to 50.7k in BC in November.
Copyright British Columbia Real Estate Association. Reprinted with permission.