Canadian Housing Starts - May 8, 2018

BCREA ECONOMICS NOW​
Canadian Housing Starts - May 8, 2018
​
Canadian housing starts fell 5 per cent on a monthly basis in April to 214,379 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts was steady at about 226,000 units SAAR.

In BC, total housing starts declined 17 per cent on a monthly basis to 38,750 units SAAR and were down 11 per cent year-over-year. Multiple unit starts were down 10 per cent year-over year and 21 per cent month-over-month while single detached starts were down 11 per cent year-over-year and were flat compared to March.

Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA were down 28 per cent monthly basis to 23,366 units SAAR. Year-over-year, Vancouver starts were down 21 per cent.

• In the Victoria CMA, housing starts were down 8 per cent on a monthly basis. Although single detached starts were nearly double the previous month, a 26 per cent decline in multiple unit starts resulted in an overall decline in new home construction. Year-over-year, total starts were up 26 per cent.
• In the Kelowna CMA, new home construction doubled on a monthly basis due to a surge in multiple unit starts.  However, total starts were down 5 per cent compared to April 2017.

• Housing starts in the Abbotsford-Mission CMA  fell 66 per cent compared to March due to large declines in both single detached and multiple unit starts. Year-over-year, total housing starts were also down 66 per cent.

---

For inquiries regarding statistical and economics-related news releases, please contact:
Cameron Muir; Chief Economist, 604.742.2780, cmuir@bcrea.bc.ca 
​Brendon Ogmundson; Economist, 604.742.2796, bogmundson@bcrea.bc.ca 

The Housing Market Update video webcast is produced monthly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.
Copyright© British Columbia Real Estate Association
1420 – 701 Georgia Street West PO Box 10123, Pacific Centre - Vancouver, BC V7Y 1C6
Phone 604.683.7702, Fax 604.683.8601
www.bcrea.bc.ca 
bcrea@bcrea.bc.ca