Canadian housing starts continued at a historically high level in June. Although housing starts decreased to 282.1k units (-1.5% m/m) in June at a seasonally adjusted annual rate (SAAR), on a year-over-year basis starts were still 33% above their June 2020 levels. The six-month moving average of SAAR housing starts rose 3.1% to 293.6k units in June. Single-detached housing starts declined 6.9% from May, while all other housing starts rose 0.9%. 

In BC starts rose faster than any other province in June, up 43% m/m to 68k units SAAR in all areas of the province. The level remains just below a record March when new units were constructed at a 71K unit annualized pace. In terms of the six-month moving average, BC is at a record level of housing starts. In centres with at least 10,000 residents, single-detached starts were flat, but multi-unit starts were up 56% from last month. Compared to the same time last year, housing starts in June were up 74%. In Vancouver, housing starts were 91% higher than June of 2020, while in Victoria starts were up 78% from the same month last year. 

Copyright British Columbia Real Estate Association. Reprinted with permission.