Canadian Housing Starts Jumped In August

Canadian Housing Starts - September 11, 2012

Canadian housing starts jumped over 8 per cent in August to 224,900 units at a seasonally adjusted annual rate (SAAR), from July's 208,000 (SAAR).

New home construction in BC urban centres rose close to 18 per cent from 24,2000 units (SAAR) in July to 28,600 units (SAAR) in August.  On a year-over-year basis, BC housing starts were 21 per cent higher than August 2011.  

Looking at major metropolitan areas in BC, Vancouver starts rose 21 per cent year-over-year  in August, lead by a 29 per cent rise in multiple starts, while single family starts fell 4 per cent.  The pace of new home construction in Abbotsford was weaker to end the summer, falling 26 per cent from last year due to a sharp drop in single family starts.

Housing starts in Kelowna dropped 4 per cent compared to August 2011 and starts in Victoria more than doubled from last year as over 200 multi-family units began construction. 

For more information, please contact: 

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884

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