BCREA ECONOMICS NOW: Canadian Housing Starts - May 8, 2013
BCREA ECONOMICS NOW
Canadian Housing Starts - May 8, 2013
Canadian housing starts dipped 3.5 per cent to 174,858 new units at a seasonally adjusted annual rate (SAAR) in April. New home construction continues to trend lower, averaging approximately 183,000 units over the past six months. On a year-over-year basis, housing starts were down 29 per cent.
New home construction in BC urban centres fell 5 per cent month-over-month in April to a seasonally adjusted annual rate of 23,000 units. On a year-over-year basis, total starts were 4 per cent higher than April 2012. Single-detached starts were 10 per cent lower over last year, while multiples increased 11 per cent.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA declined 8 per cent compared to last year with multiple starts falling 13 per cent while single-detached starts were up 20 per cent. New home construction in the Abbotsford CMA fell 80 per cent year-over-year, though that number was significantly skewed by a relative lack of building activity in multiples, which can be volatile. Housing starts in the Victoria CMA were down 1 per cent compared to April 2012 as an 18 per cent rise in multiples was offset by a 27 per cent decline in single-detached starts. Conversely, housing starts in the Kelowna CMA increased 11 per cent year-over-year in April, driven by a 20 per cent rise in multiple starts.
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 |
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
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.