Canadian housing starts fell to 236.1k units in December at a seasonally-adjusted annual rate (SAAR). This brings the total number of housing starts in 2021 to 271.2k, 16% above the previous record in 2004. Housing starts were down by 67.7k (22.3% m/m) in December (SAAR). Comparing year-over-year, starts were up slightly from December of 2020 (1.3% y/y). Single-detached housing starts dipped 3.4% in December to 70.8k, while multi-family and others dropped 28.3% to 165.3k (SAAR).
In British Columbia, starts were up 39.1% in December, rising to 55.3k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 20.5% m/m to 8.7k units while multi-family starts leaped 47.9% to 42.3k units. Starts in the province were 26.7% above the levels from December 2020. Starts were up by 7.7k units in Vancouver, 3.6k in Victoria, 1.9k in Kelowna, and 1.5k in Abbotsford. The 6-month moving average trend declined 4.1% to 44.2k in December in BC.
Copyright British Columbia Real Estate Association. Reprinted with permission.