Canadian Housing Starts (December 2021)

Canadian Housing Starts (December 2021) - January 18, 2022

Canadian housing starts fell to 236.1k units in December at a seasonally-adjusted annual rate (SAAR). This brings the total number of housing starts in 2021 to 271.2k, 16% above the previous record in 2004. Housing starts were down by 67.7k (22.3% m/m) in December (SAAR). Comparing year-over-year, starts were up slightly from December of 2020 (1.3% y/y). Single-detached housing starts dipped 3.4% in December to 70.8k, while multi-family and others dropped 28.3% to 165.3k (SAAR).

In British Columbia, starts were up 39.1% in December, rising to 55.3k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 20.5% m/m to 8.7k units while multi-family starts leaped 47.9% to 42.3k units. Starts in the province were 26.7% above the levels from December 2020. Starts were up by 7.7k units in Vancouver, 3.6k in Victoria, 1.9k in Kelowna, and 1.5k in Abbotsford. The 6-month moving average trend declined 4.1% to 44.2k in December in BC.

Link: https://mailchi.mp/bcrea/canadian-housing-starts-december-2021

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.