Canadian housing starts were largely flat from the previous month, totalling 279,510 units in May at a seasonally adjusted annual rate (SAAR). Starts were up 4 per cent from the same month last year. Single-detached housing starts decreased by 6 per cent from last month to 55,161 units, while multi-family and other starts rose by 1 per cent to 224,350 units (SAAR). 

In British Columbia, starts fell by 29 per cent from last month to 37,455 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts increased by 2 per cent to 3,657 units, while multi-family starts fell by 33 per cent to 31,987 units month-over-month. Starts in the province were 19 per cent below the levels from May 2024. Year-to-date starts are up 87 per cent in Abbotsford, but down 75 per cent in Nanaimo, 45 per cent in Kelowna, 23 per cent in Vancouver, and 12 per cent in Victoria.

Copyright British Columbia Real Estate Association. Reprinted with permission.