Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |


Canadian Housing Starts - June 8, 2016

Canadian housing starts declined 1.5 per cent in May to 188,570 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 191,000 was also down slightly and remains roughly in-line with growth in Canadian households. 

Housing starts in BC cooled off of the near record-setting pace from the first five months of the year, recording 35,312 units at a seasonally adjusted annual rate, a 23 per cent decline from April's torrid pace of 45,000 units. New home construction was driven higher by growth in apartments and other multi-family units, which were up 34 per cent on a year-over-year basis while single-detached starts were 32 per cent higher compared to last May. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 36 per cent year-over-year in May due to broad strength in both multiple and single units. New home construction in the City of Vancouver, Surrey and Langley was particularly strong last month. In the Victoria CMA, housing starts of both single and multiple units more than doubled year-over-year with 224 total units breaking ground.  
New home construction in the Kelowna CMA surged 196 per cent, compared to one year ago, largely as a result of large condo projects getting underway. Housing starts in the Abbotsford-Mission CMA were also up sharply, rising 179 per cent year-over-year in May.

Copyright British Columbia Real Estate Association. Reprinted with permission.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.