Canadian housing starts rose by 18.1k (7.9%) to 247.3k units in February at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from February of 2021 (7.4% y/y). Single-detached housing starts were largely unchanged from January at 78.1k, while multi-family and others rose 12% to 169.2k (SAAR).
In British Columbia, starts were down 10.1% in February, falling to 35.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 3.1% m/m to 7.4k units while multi-family starts declined 15.1% to 23.9k units. Starts in the province were 21.9% below the levels from February 2021. Starts were down by 5.1k units in Vancouver, 0.5k in Kelowna, and 0.6k in Abbotsford, but rose 1.5k in Victoria from last month. The 6-month moving average trend declined 4.5% to 40.4k in BC in February.
Copyright British Columbia Real Estate Association. Reprinted with permission.