Canadian housing starts fell 1 per cent to 252,787 units in August at a seasonally adjusted annual rate (SAAR). Starts were down 6 per cent from the same month last year. Single-detached housing starts rose 2 per cent to 55,665 units, while multi-family and others fell 2 per cent to 197,121 (SAAR). 

In British Columbia, starts were unchanged in August at 50,687 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 34 per cent m/m to 6,314 units while multi-family starts fell 4 per cent to 41,115 units. Starts in the province were 4 per cent above the levels from August 2022. Starts declined by 4.2k in Vancouver and rose by 2.6k in Victoria and 0.2k in Kelowna, while remaining unchanged in Abbotsford from the previous month. The 6-month moving average trend in BC rose by 4.1 per cent to 53,512 SAAR.

Copyright British Columbia Real Estate Association. Reprinted with permission.