Canadian housing starts decreased by 19.8% m/m to 268.6k units in April at a seasonally adjusted annual rate (SAAR), following a record setting March. Building activity declined in both the multi-unit (-24%) and single-detached (-9%) segments. National housing starts were up by 63% compared to the same time last year and the six-month moving average level of starts is trending at an elevated level of 279,000 units SAAR. 

In BC, housing starts fell 47% m/m to 38.3k units SAAR after a record March that saw new home construction at a 70K unit annualized pace. Building activity was down 53% in the multi-unit segment, while single-detached starts were down by 10%. Compared to the same time last year, housing starts were up by 29% in BC. 

Copyright British Columbia Real Estate Association. Reprinted with permission.