Canadian housing starts declined for the fifth consecutive month in October, but remain somewhat strong compared to typical pre-pandemic activity. Housing starts decreased by 13.4k to 236.6k units (-5.3% m/m) in October at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up modestly from October of 2020 (4.1% y/y). Single-detached housing starts dipped 3.7% in October to 73.4k, while multi-family and others declined 6% to 163.2k (SAAR).
In British Columbia, starts were essentially unchanged in October, maintaining the level of 35.9k units SAAR in all areas of the province. Single-detached starts dropped 5.6% m/m to 7.5k units while multi-family starts offset this drop with a 5.9% rise to 25k units. Starts in the province remained 9.2% above the levels from October 2020. BC's six-month moving average for starts declined slightly, but remains elevated by historical standards.
Copyright British Columbia Real Estate Association. Reprinted with permission.