Canadian Housing Starts - May 8, 2013

Canadian housing starts dipped 3.5 per cent to 174,858 new units at a seasonally adjusted annual rate (SAAR) in April.  New home construction continues to trend lower, averaging approximately 183,000 units over the past six months.  On a year-over-year basis, housing starts were down 29 per cent. 

New home construction in BC urban centres fell 5 per cent month-over-month in April to a seasonally adjusted annual rate of 23,000 units. On a year-over-year basis, total starts were 4 per cent higher than April 2012. Single-detached starts were 10 per cent lower over last year, while multiples increased 11 per cent.

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA declined 8 per cent compared to last year  with multiple starts falling 13 per cent while single-detached starts were up 20 per cent.  New home construction in the Abbotsford CMA fell 80 per cent year-over-year, though that number was significantly skewed by a relative lack of building activity in multiples, which can be volatile. Housing starts in the Victoria CMA were down 1 per cent compared to April 2012 as an 18 per cent rise in multiples was offset by a 27 per cent decline in single-detached starts. Conversely, housing starts in the Kelowna CMA increased 11 per cent year-over-year in April, driven by a 20 per cent rise in multiple starts.