123 BCREA ECONOMICS NOW CANADIAN HOUSING STARTS – JUNE 8, 2015 | Trevor Inglis Real Estate Blog
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Written on June 8th, 2015

BCREA ECONOMICS NOW

Canadian Housing Starts – June 8, 2015

New home construction in Canada jumped 10 per cent in May to 201,705 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 181,231 units SAAR was up slightly and is in-line with Canadian household growth.

Housing starts in BC fell from a blockbuster 37,000 units in April to 25,609 units SAAR in May. On a year-over-year basis, housing starts were down 11 per cent compared to May 2014. Single-detached starts were 8 per cent higher while multiple unit starts fell 20 per cent compared to this time last year. Year-to-date, housing starts in BC are up 13 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 13 per cent year-over-year in May due to a 17 per cent decline in multiple starts. Single-detached starts in Vancouver were 3 per cent higher. In the Victoria CMA, new home construction fell 32 per cent year-over-year due to a 44 per cent drop in multiple unit starts. Total housing starts in the Kelowna CMA were down 36 per cent year-over-year in May with broadly weaker construction activity of both single and multiple units. Housing starts in the Abbotsford-Mission CMA declined by just over half compared to May 2014 .

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

The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

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.