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.
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.