Canadian housing starts fell 9 per cent to 241,672 units in June at a seasonally adjusted annual rate (SAAR). Starts were down 14 per cent from the same month last year. Single-detached housing starts were up 1 per cent from last month at 52,762 units, while multi-family and others fell 11 per cent to 188,911 units (SAAR). 

In British Columbia, starts fell 12 per cent from last month to 40,808 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 11 per cent to 4,876 units while multi-family starts dropped 15 per cent to 34,085 units. Starts in the province were 38 per cent below the levels from June 2023. Compared with last year, year-to-date starts were up by 5 per cent in Victoria, 54 per cent in Kelowna, and 27 per cent in Abbotsford. Year-to-date starts were down by 18 per cent in Vancouver and by 20 per cent in Nanaimo.

Copyright British Columbia Real Estate Association. Reprinted with permission.