Canadian Housing Starts

Canadian Housing Starts - August 9, 2012

Canadian housing starts fell to 208,500 units at a seasonally adjusted annual rate (SAAR) in July, from June's 222,100 (SAAR).  New home construction in BC urban centres dropped 30 per cent from June's 34,200 units (SAAR) to 24,200 units (SAAR).  On a year-over-year basis, BC housing starts were 11 per cent lower than July 2011. 

Turning to major metropolitan areas in BC, the pace of new home construction in Vancouver may be finally staring to slow as housing starts fell 7 per cent from July 2011. Both multiple unit and single unit starts fell year-over-year.

Abbotsford new home construction was also weaker, declining 36 per cent year-over-year. Housing starts in Kelowna registered half the rate of July 2011 in spite of a strong showing in single family starts, which were up 51 per cent from last year.  In Victoria, single family starts rose 20 per cent over last July, but weakness in multiple unit starts dragged total new home construction down 34 per cent year-over-year. 

For more information, please contact: Cameron Muir

Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884

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