Canadian housing starts increased 17 per cent in June to 218,333 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of roughly 198,000 moved higher as well and is slightly above growth in Canadian households.
Housing starts in BC continued on a near record setting pace, up close to 40 per cent to 47,984 units SAAR. On a year-over-year basis, new home construction was up 36 per cent, driven higher by growth in apartments and other multi-family units, which were up 49 per cent on a year-over-year basis while single-detached starts were 3 per cent higher in June. Through the first half of the year, BC housing starts are up 42 per cent compared to 2015.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 38 per cent year-over-year in June as a result of a 50 per cent increase in multiple unit starts. Single-detached starts in the Vancouver CMA were down 4 per cent. In the Victoria CMA, housing starts more than tripled year-over-year after a surge in new multiple unit starts. New home construction in the Kelowna CMA declined 23 per cent, dragged lower by fewer multiple units starts compared to last June. Housing starts in the Abbotsford-Mission CMA were more than four times as high as last June, which saw relatively few new units started.
Copyright British Columbia Real Estate Association. Reprinted with permission.