Canadian housing starts rose by 2.9k (1.1 per cent) to 275.3k units in July at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from July of 2021 (0.5 per cent). Single-detached housing starts rose 1.6 per cent to 72.6k, while multi-family and others rose 0.9 per cent to 202.7k (SAAR). 

In British Columbia, starts fell 12.1 per cent in July, declining to 49.2k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 4.5 per cent m/m to 7.2k units while multi-family starts fell 16.6 per cent to 38.4k units. Starts in the province were 3.6 per cent below the levels from July 2021. Starts were down by 9.1k units in Vancouver, 7.4k in Kelowna, and flat in Abbotsford from last month, while rising by 8.7k in Victoria. The 6-month moving average trend rose 4 per cent to 44.7k in BC in July. 

Copyright British Columbia Real Estate Association. Reprinted with permission.