Canadian housing starts fell by 31.8k (-10.6 per cent) to 267.1k units in October at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from October of 2021 (11.5 per cent). Single-detached housing starts fell 4 per cent to 72.8k, while multi-family and others fell 13 per cent to 194.3k (SAAR).
In British Columbia, starts fell by 14 per cent in October to 46.6k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent m/m to 7.7k units while multi-family starts fell 17 per cent to 35k units. Starts in the province were 29.5 per cent above the levels from October 2021. Starts were down by 6.1k in Vancouver, 1.1k in Abbotsford, and 0.6k in Kelowna, but were up by 4.1k in Victoria. The 6-month moving average trend fell 2.3 per cent to 49.3k in BC in October.
Copyright British Columbia Real Estate Association. Reprinted with permission.