Canadian housing starts fell to 230.8k units in January at a seasonally-adjusted annual rate (SAAR). Housing starts were down by 7.7k (3% m/m) in January (SAAR). Comparing year-over-year, starts were down from January of 2021 (26.9% y/y). Single-detached housing starts rose 8.9% in January to 78.5k, while multi-family and others dropped 8.5% to 152.2k (SAAR). 

In British Columbia, starts were down 29.2% in January, falling to 39.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 23.4% m/m to 7.2k units while multi-family starts declined 33.4% to 28.2k units. Starts in the province were 33.7% below the levels from January 2021. Starts were down by 4.4k units in Vancouver, 4.2k in Victoria, 5.2k in Kelowna, and 0.1k in Abbotsford. The 6-month moving average trend declined 4.4% to 42.3k in BC in January. 

Copyright British Columbia Real Estate Association. Reprinted with permission.