Canadian Housing Starts - July 10, 2012
Canadian housing starts rose 2.4 per cent in June to a seasonally adjusted annual rate of 222,700 starts. New home construction in BC urban centres showed strong growth for the second straight month, registering a robust 34,100 starts (SAAR) in June, a gain of 31 per cent over May. On a year-over-year basis, BC housing starts were 60 per cent higher than June 2011. BC Housing starts are 13 per cent higher through the first half of 2012, the result of an 18 per cent increase in multi-family starts while single-family construction has been flat.
BC's strong new home construction was led by a jump in multi-family construction in Vancouver which rose close to 70 per cent year-over-year in June, including a near doubling of multi-family units compared to June 2011. Single family starts, however, continue to moderate, falling 7 per cent year-over-year. Abbotsford new home construction fell 21 per cent year-over-year in June due to a 26 per cent dip in single-family starts and a 9 per cent decline in multi-family starts. Housing starts in Victoria rebounded from a weak May as total starts rose 30 per cent year-over-year on balanced growth between single and multi-family starts. Finally, new home construction in Kelowna fell 15 per cent, largely due to weak multi-family starts.
Source: British Columbia Real Estate Association