Canadian Housing Starts Down Slightly in October Compared to September but Vancouver Starts Increased 3 Percent Year over Year in October

Canadian housing starts declined to 204,107 units at a seasonally adjusted annual rate (SAAR) in October, down from September's 223,995 units.  New home construction in BC urban centres was essentially flat in October at  26,788 units (SAAR) compared to 27,184 in September.  On a year-over-year basis, multiple unit starts in BC were unchanged while single family starts were 6 per cent lower. Overall,  BC housing starts were 2 per cent lower than in October 2011.

Looking at major metropolitan areas in BC, Vancouver starts increased 3 per cent year over year in October. The increase was driven by an 8 per cent rise in multiple starts. Vancouver single starts fell 16 per cent year-over-year. New home construction in Abbotsford was off 71 per cent compared to 2011 due to relative inactivity in multiple starts this October compared to last. Abbotsford singles were 6 per cent lower than last year. Housing starts in Kelowna dipped 8 per cent year- over-year due to a slower pace multiple starts while single starts increased 8 per cent.  Housing starts in Victoria fell 26 per cent compared to October 2011 as multiple unit starts fell short of 2011 levels. Victoria single starts were up 4 per cent year-over-year.

Source: British Columbia Real Estate Association