123 CANADIAN HOUSING STARTS – JULY 9TH | Trevor Inglis Real Estate Blog
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Written on July 9th, 2015

BCREA ECONOMICS NOW

Canadian Housing Starts – July 9, 2015

New home construction in Canada increased 3 per cent in June to 202,818 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts of 184,000 units SAAR was up slightly and is in-line with Canadian household growth.

Housing starts in BC rose from just over 24,000 units SAAR in May to 35,000 units SAAR in June. On a year-over-year basis, housing starts jumped 30 per cent. Single-detached starts were 12 per cent higher year-over-year while multiple unit starts were up 38 per cent compared to this time last year. Year-to-date, housing starts in BC are up 15 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were up 39 per cent year-over-year in June as both single and multiple unit starts posted double digit increases. In the Victoria CMA, a sharp decline in multiple units starts dragged new home construction down 29 per cent year-over-year. Total housing starts in the Kelowna CMA were up 7 per cent year-over-year in June as strength in multiple unit starts overcame a dip in construction of single units. Housing starts in the Abbotsford-Mission CMA spiked 37 per cent higher compared to June 2014, propelled by stronger single unit starts.

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.