Canadian housing starts rose to 301.3k units in November, reversing 5 months of consecutive declines. Housing starts were up by 62.9k (26.4% m/m) in November at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up strongly from November of 2020 (15% y/y). Single-detached housing starts dipped 1% in November to 73.3k, while multi-family and others jumped 38.9% to 228k (SAAR).
In British Columbia, starts were up 9.8% in November, rising to 39.8k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts dropped 2.8% m/m to 7.2k units while multi-family starts offset this drop with a 13.7% rise to 28.5k units. Starts in the province were 20.1% below the levels from November 2020. Starts were down by 2.2k units in Vancouver but were offset by a 3.6k unit rise in Kelowna in November. The 6-month moving average trend declined 1.3k in November in BC.
Copyright British Columbia Real Estate Association. Reprinted with permission.