Canadian housing starts declined 4 per cent in November to 183,989 total units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts held steady at 199,000 units, which is slightly above average annual growth in Canadian households.
Housing starts in BC jumped 72 per cent higher to 44,019 SAAR following a dip in October. Starts were up 64 per cent on a year-over-year basis as single detached starts rose 11 per cent and multiple unit starts nearly doubled. Through 11 months of the year, BC housing starts are up 34 per cent compared to 2015.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 80 per cent year-over-year in November, led by a doubling of multiple unit starts compared to last year. In the Victoria CMA, housing starts more than tripled compared to November 2015 due to strong growth in new multiple unit starts. New home construction in the Kelowna CMA dipped 5 per cent as new mutliple unit construction lagged behind last year's pace. Housing starts in the Abbotsford-Mission CMA were 82 per cent lower compared to last November as new home construction in the area slows following a frenzy of activity this year that has total starts up 40 year-to-date in the area.
Copyright British Columbia Real Estate Association. Reprinted with permission.