Canadian housing starts fell by 13 per cent to 231,468 units in December at a seasonally adjusted annual rate (SAAR). Starts were down 8 per cent from the same month last year. Single-detached housing starts were 9 per cent lower than last month at 57,626 units, while multi-family and other starts fell by 15 per cent to 173,842 (SAAR). 

In British Columbia, starts fell by 8 per cent from last month to 47,137 units SAAR in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts dropped by 6 per cent to 4,303 units, while multi-family starts dropped by 9 per cent to 41,098 units month-over-month. Starts in the province were 25 per cent below the levels from December 2023. However, this drop-off is largely a base-month effect, as seasonally adjusted starts last December were among the highest levels seen in the past few years. Compared with last year, year-to-date starts were up by 28 per cent in Kelowna, 2 per cent in Abbotsford, and 1 per cent in Nanaimo, while being down by 15 per cent in Vancouver and 16 per cent in Victoria.

Copyright British Columbia Real Estate Association. Reprinted with permission.