BCREA ECONOMICS NOW Canadian Housing Starts - October 8, 2014
New home construction in Canada held relatively steady in September, rising a slight 0.5 per cent to 197,343 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 197,747 units SAAR sits slightly in excess of Canadian household growth.
Housing starts in BC urban centers moderated from a high mark in August, falling 19 per cent to 27,570 units SAAR in September. On a year-over-year basis, housing starts were down 7 per cent compared to September 2013. Single-detached starts, were up 14 per cent while multiple units were down 14 per cent compared to this time last year. Year-to-date, total BC housing starts are 6 per cent higher than 2013.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA fell 5 per cent in September as an 11 per cent decline in multiple starts offset a 16 per cent rise in singles. Year-to-date, Vancouver housing starts are up 5 per cent. In the Victoria CMA, new home construction fell 32 per cent year-over-year due to low levels of construction in the multiples sector. Year-to-date, housing starts in Victoria are down 19 per cent. New home construction in the Kelowna CMA continued its robust pace in September, rising 46 per cent year-over-year. Year-to-date, housing starts in the Kelowna CMA are up 45 per cent . Housing starts in the Abbotsford-Mission CMA tumbled 62 per cent on a year-over-year basis due to the relative absence of new multiple unit developments in September. Year-to-date, new home construction in the Abbotsford-Mission CMA is down 29 per cent.“Copyright British Columbia Real Estate Association. Reprinted with permission.”