BCREA ECONOMICS NOW Canadian Housing Starts - December 8, 2011
Real Estate
Canadian housing starts tumbled in November, falling from 208,800 starts at a seasonally adjusted annual rate (SAAR) in October to 181,100 units in November. New home construction in BC was down slightly from October, but still strong at 26,800 units (SAAR), and were 40 per cent higher than in November 2010.
Housing starts rose 84 per cent in Vancouver compared with a relatively weak November 2010 due to the continued strong pace of multi-family starts. Vancouver single-family starts, on the other hand, were 10 per cent lower than last year. New home construction in Abbotsford dipped 5 per cent in comparison to November of last year while housing starts in Victoria fell 10 per cent. New home construction in Kelowna was down 6 per cent year over year.
For more information, please contact:
Cameron Muir | Brendon Ogmundson |
Chief Economist | Economist |
Direct: 604.742.2780 | Direct: 604.742.2796 |
Mobile: 778.229.1884 | Mobile: 604.505.6793 |
Email: cmuir@bcrea.bc.ca | Email: bogmundson@bcrea.bc.ca |
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