Canadian housing starts fell by 4 per cent to 229,030 units in February at a seasonally adjusted annual rate (SAAR). Starts were down 12 per cent from the same month last year. Single-detached housing starts fell by 1 per cent from last month to 56,273 units, while multi-family and other starts dropped by 5 per cent to 172,759 units (SAAR). 

In British Columbia, starts fell by 22 per cent from last month to 31,913 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts fell by 17 per cent to 3,994 units, while multi-family starts fell by 24 per cent to 25,735 units month-over-month. Starts in the province were 32 per cent below the levels from February 2024. Year-to-date starts are up by 188 per cent in Abbotsford and 4 per cent in Kelowna, while being down by 60 per cent in Nanaimo, 46 per cent in Victoria, and 18 per cent in Vancouver.

Copyright British Columbia Real Estate Association. Reprinted with permission.