Canadian Housing Starts

BCREA ECONOMICS NOW
Canadian Housing Starts - November 8, 2017
Canadian housing starts increased 2 per cent in September to 222,771 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts also increased to 216,770  units SAAR.

New home construction in BC jumped 44 per cent on a monthly basis to 53,751 units SAAR  and more than doubled on  a year-over-year basis.  Single detached starts were down 6 per cent from one year ago while multiple unit starts nearly tripled year-over-year.
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Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA reached a 12-month high in October, rising 92 per cent from September and 186 per cent compared to September 2016. A surge in multiple unit starts to 2,532 units in October accounted for the large increase in new home construction with large condominium projects getting underway in Burnaby, Coquitlam and Surrey.

• In the Victoria CMA market, housing starts continue to record significant gains, rising 267 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than 5 times the levels seen in October 2016.
• New home construction in the Kelowna CMA was down 16 per cent year-over-year and down 61 per cent from a strong September of new home construction.

• Housing starts in the Abbotsford-Mission CMA also fell in October, with both single and multiple units starts down more than 30 per cent year-over-year.

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For inquiries regarding statistical and economics-related news releases, please contact:
Cameron Muir: Chief Economist
604.742.2780
cmuir@bcrea.bc.ca
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Brendon Ogmundson: Economist
604.742.2796
bogmundson@bcrea.bc.ca 
The Housing Market Update video podcast 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.
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