BCREA ECONOMICS NOW: Canadian Housing Starts - September 11, 2012
BCREA ECONOMICS NOW
Canadian Housing Starts - September 11, 2012
Canadian housing starts jumped over 8 per cent in August to 224,900 units at a seasonally adjusted annual rate (SAAR), from July's 208,000 (SAAR). New home construction in BC urban centres rose close to 18 per cent from 24,2000 units (SAAR) in July to 28,600 units (SAAR) in August. On a year-over-year basis, BC housing starts were 21 per cent higher than August 2011.
Looking at major metropolitan areas in BC, Vancouver starts rose 21 per cent year-over-year in August, lead by a 29 per cent rise in multiple starts, while single family starts fell 4 per cent. The pace of new home construction in Abbotsford was weaker to end the summer, falling 26 per cent from last year due to a sharp drop in single family starts. Housing starts in Kelowna dropped 4 per cent compared to August 2011 and starts in Victoria more than doubled from last year as over 200 multi-family units began construction.
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.
Your Vancouver Real Estate Specialist.
DavidValente.com
604-377-6015