Canadian Housing Starts - September 10, 2013

Canadian housing starts registered 180,291 units at a seasonally adjusted annual rate (SAAR) in August, down from 193,021 in July.  The trend in Canadian new home construction remained relatively unchanged at 187,000 units SAAR over the past six months, a rate that is roughly in-line with Canadian household formations.  On a year-over-year basis, housing starts were down 20 per cent. 

New home construction in BC urban centres fell 19 per cent from July to 24,990 SAAR . On a year-over-year basis, total starts were 10 per cent lower than August 2012. Single-detached starts were 14 per cent higher over last year, while multiples declined 19 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were 14 per cent lower year-over-year at 1,530 units. Single family starts rose 16 per cent while multiples tumbled 21 per cent. In the Victoria CMA, total starts were down 5 per cent compared to last year as a 42 per cent jump in single family starts was offset by a 13 per cent decline in multiples. New home construction in the Kelowna CMA fell 20 per cent year-over-year. The decline was broad-based with both single family and multiples lower. In the Abbotsford-MIssion CMA, starts were off 21 per cent compared to August 2012 due to a sharp drop off in multiples starts.