Canadian housing starts fell 22 per cent to 217,405 units in August at a seasonally adjusted annual rate (SAAR). Starts were down 12.1 per cent from the same month last year. Single-detached housing starts were 3 per cent higher from last month at 55,851 units, while multi-family and other starts fell 28 per cent to 161,555 units (SAAR). 

In British Columbia, starts fell 30 per cent from last month to 33,820 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 6 per cent to 4,678 units while multi-family starts fell 35 per cent to 26,823 units compared to July. Starts in the province were 30 per cent below the levels from August 2023. Compared with last year, year-to-date starts are up by 63 per cent in Kelowna and 26 per cent in Abbotsford. Year-to-date starts are down by 20 per cent in Vancouver, 15 per cent in Nanaimo, and by 8 per cent in Victoria. 

Copyright British Columbia Real Estate Association. Reprinted with permission.