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Canadian Housing Starts


Blog by Century 21 Amos Realty | May 8th, 2012


Chief BCREA Economist Cameron Muir just provided an update on the economics of our market. Please see below for the email.

BCREA ECONOMICS NOW

Canadian Housing Starts - May 8, 2012

Canadian housing starts soared 14 per cent in April to a seasonally adjusted annual rate (SAAR) of 244,900 units. The jump in starts was driven by a big increase in multiple-unit starts in Ontario and Quebec. New home construction in BC urban centres rose over 6 per cent from March 2012, registering 22,100 starts (SAAR) in April.  On a year-over-year basis, housing starts were 1.6 per cent lower than April 2011.

Housing starts were flat on a year-over-year basis in Vancouver at 1,332. A decline in single family starts of 19 per cent was offset by a 7 per cent increase in multi-family starts.  Abbotsford new home construction was up 60 per cent year-over-year in April due to increased activity in multi-family construction. New home construction in Victoria was off 5 cent compared with April 2011.  Finally, new home construction in Kelowna fell 51 per cent on a year-over-year basis due to much weaker activity in both the single-family and multi-family segment of the market.

For more information, please contact: 

Cameron Muir

Brendon Ogmundson

Chief Economist

Economist

Direct: 604.742.2780

Direct: 604.742.2796

Mobile: 778.229.1884

Mobile: 604.505.6793

Email: cmuir@bcrea.bc.ca

Email: bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.