Canadian housing starts increased 2 per cent in September to 222,771 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts also increased to 216,770 units SAAR.
New home construction in BC jumped 44 per cent on a monthly basis to 53,751 units SAAR and more than doubled on a year-over-year basis. Single detached starts were down 6 per cent from one year ago while multiple unit starts nearly tripled year-over-year.
Looking at census metropolitan areas (CMA) in BC:
Total starts in the Vancouver CMA reached a 12-month high in October, rising 92 per cent from September and 186 per cent compared to September 2016. A surge in multiple unit starts to 2,532 units in October accounted for the large increase in new home construction with large condominium projects getting underway in Burnaby, Coquitlam and Surrey.
In the Victoria CMA market, housing starts continue to record significant gains, rising 267 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than 5 times the levels seen in October 2016.
- New home construction in the Kelowna CMA was down 16 per cent year-over-year and down 61 per cent from a strong September of new home construction.
- Housing starts in the Abbotsford-Mission CMA also fell in October, with both single and multiple units starts down more than 30 per cent year-over-year.
Copyright British Columbia Real Estate Association. Reprinted with permission.