Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

Categories

Canadian Housing Starts (Oct) - November 9, 2019

Canadian housing starts decreased by 8.7% in October to 201,973 units at a seasonally adjusted annual rate (SAAR). The decline was due to a pullback in the multi-unit segment. The trend in national housing starts continues to be healthy, averaging 218,598 units SAAR over the past six months. 

In BC, housing starts declined by 16% on a monthly basis to 33,174 units SAAR, largely due to falling construction in the multi-unit segment. The decline is an unwinding of developers pushing forward activity in the previous months to get ahead of a new development charge in Vancouver. Compared to the same time last year, provincial starts were up by 9%. On a monthly basis, multi-unit starts were down by 22%, while singles were up by 10%.

Looking at census metropolitan areas in BC: 

-Housing starts in Vancouver were down by 37% in October at 15,657 units SAAR, driven entirely by the multi-unit segment. Compared to last year in October, housing starts in Vancouver were down by 11%. 

-In Victoria, housing starts were down by 36% on a monthly basis to 3,880 units SAAR, following last month's highest recording of starts since December 2018. Compared to a year ago, housing starts were up by 43%.

-In Kelowna, housing starts increased by 155% in October to 3,870 units SAAR. Year-over-year starts were up by 423% in the region. 

-Monthly housing starts in Abbotsford-Mission were up by 13% at 2,335 units SAAR. Compared to this time last year, new home construction was up by 34%.



Copyright British Columbia Real Estate Association. Reprinted with permission.


 


Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.