Canadian housing starts declined 9 per cent in May to 194,663 units at a seasonally adjusted annual rate (SAAR). The six-month trend in Canadian housing starts continues to trend higher at about 214,600 units SAAR.
In BC, total housing starts were 46,227 units SAAR, a 6 per cent increase from the previous month and a 33 per cent jump compared to May 2016. Single detached starts rose 5 per cent month-over-month and were 9 per cent higher year-over-year. Multiple unit starts increased 6 per cent month-over-month but were up 44 per cent year-over-year.
Looking at census metropolitan areas (CMA) in BC:
Total starts in the Vancouver CMA were actually down 1 per cent year-over-year with a 2 per cent decline posted in multiple units starts and singles up 6 per cent. Despite the slight downward trend in recent months, total starts in Vancouver are still on pace to reach nearly 25,000 total units, near the record of 27,914 set last year.
In the Victoria CMA market, housing starts declined 20 per cent year-over-year with both single and multiple unit starts posting double digit declines.
- New home construction in the Kelowna CMA was up close to 20 per cent on a monthly basis at 5,600 units SAAR and was more than double the pace set in May of 2016.
- Housing starts in the Abbotsford-Mission CMA increased 31 per cent from April on balanced contributions from single an multiple unit starts. Year-over-year, total starts were 24 per cent higher.