Canadian Housing Starts - June 10, 2013

BCREA ECONOMICS NOW

Canadian Housing Starts - June 10, 2013

Canadian housing starts jumped 13 per cent to just over 200,000 new units at a seasonally adjusted annual rate (SAAR) in May.  That leaves the trend in Canadian new home construction relatively unchanged at 183,000 units over the past six months.  On a year-over-year basis, housing starts were down 9 per cent.

New home construction in BC urban centres fell 7 per cent month-over-month in May to a seasonally adjusted annual rate of 21,300 units. On a year-over-year basis, total starts were 17 per cent lower than May 2012. Single-detached starts were 5 per cent lower over last year, while multiples declined 22 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA declined 26 per cent compared to last year with multiple starts falling 35 per cent while single-detached starts were up 13 per cent.  New home construction in the Abbotsford CMA was more than twice the level of May 2012 due to increased activity in multiple starts.  Housing starts in the Victoria CMA were down 20 per cent compared with May 2012 and starts in the Kelowna CMA were 30 per cent lower year-over-year.