Canadian housing starts declined 13.3 per cent to 215,365 units in January at a seasonally-adjusted annual rate (SAAR). Starts were down 6.9 per cent from January of 2022. Single-detached housing starts rose 9.5 per cent to 62.9k, while multi-family and others fell 20.1 per cent to 152.5k (SAAR).
In British Columbia, starts fell by 13.6 per cent in January to 50.1k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 11.3 per cent m/m to 5.9k units while multi-family starts fell 14.2 per cent to 40.6k units. Starts in the province were 29.1 per cent above the levels from January 2022. Starts were up by 2.4k in Victoria and 0.1k in Kelowna, while falling 5.4k in Vancouver and 1.5k in Abbotsford. The 6-month moving average trend rose 0.6 per cent to 50.7k in BC in November.
Copyright British Columbia Real Estate Association. Reprinted with permission.
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