BCREA ECONOMICS NOW: Canadian Employment and Housing Starts - November 8, 2013
BCREA ECONOMICS NOW
Canadian Employment and Housing Starts - November 8, 2013
Employment
Canadian employment expanded by 13,200 jobs in October, and the total number of employed rose 1.3 per cent compared to October of last year. The unemployment rate remained unchanged at 6.9 per cent.
In BC, employment again fell, with firms shedding over 5,000 jobs for a second consecutive month. In spite of job losses, the provincial unemployment rate actually declined 0.2 points to 6.5 per cent due to a sharp drop in those looking for work. Year-to-date, employment in BC has declined 0.1 per cent.
Housing Starts
Canadian housing starts increased 1.2 per cent in September to 198,282 units at a seasonally adjusted annual rate (SAAR). The trend in Canadian new home construction rose as well, to 195,338units SAAR over the past six months, a rate that is slightly higher than demographic demand suggests is needed. On a year-over-year basis, housing starts were down 5.4 per cent.
New home construction in BC urban centres declined in October, falling 19.2 per cent to 23,918 units SAAR . On a year-over-year basis, total starts were 9 per cent lower than October 2012. Single-detached starts were up 15 per cent over last year, while multiple starts fell 18 per cent. Year-to-date, total BC housing starts are down 5 per cent.
Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA fell 13 per cent year-over-year at 1,533 units. Single family starts increased 32 per cent while multiples fell 22 per cent. In the Victoria CMA, total starts continued to be somewhat volatile, falling 28 per cent year-over-year on the heels of a 40 per cent increase in September. New home construction in the Kelowna CMA jumped 87 per cent year-over-year in October due to a sizable increase in multi unit starts. In the Abbotsford-MIssion CMA, starts were down 29 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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