Canadian housing starts fell 11 per cent to 213,865 units in March at a seasonally-adjusted annual rate (SAAR). Starts were down 12 per cent from March of 2022. Single-detached housing starts fell 12 per cent to 56,468 units, while multi-family and others fell 11 per cent to 157,395 (SAAR).
In British Columbia, starts rose by 35 per cent in March to 51,564 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 10 per cent m/m to 4,814 units while multi-family starts rose 49 per cent to 43,180 units. Starts in the province were 60 per cent above the levels from March 2022. Starts were up by 18k in Vancouver and 0.3k in Victoria, while declining by 2.6k in Kelowna and 0.8k in Abbotsford. The 6-month moving average trend fell 0.7 per cent to 48.6k in BC in November.
Copyright British Columbia Real Estate Association. Reprinted with permission.