Canadian housing starts declined for the third consecutive month in August, but remain elevated by historical standards. Housing starts decreased by 10.5k to 260.2k units (-3.9% m/m) in August at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were roughly unchanged from August of 2020 (-0.5% y/y). Single-detached housing starts dipped 1% in August to 80.7k, while multi-family and others declined 5% to 159.5k.
In British Columbia, starts declined for a second consecutive month, dropping 7.5% m/m to 46.9k units SAAR in all areas of the province. Single-detached starts declined 4.4% m/m while multi-family starts declined 10%. Despite this, starts in the province in August remained 7.8% above the levels from August 2020. BC's six-month moving average for starts inched up to a record-high for a third consecutive month.
Copyright British Columbia Real Estate Association. Reprinted with permission.