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Canadian Housing Starts (Jan) - February 16, 2021

Posted by Ron Neal on Tuesday, February 16th, 2021 at 5:37pm.

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May30-1
 

Canadian Housing Starts (Jan) - February 16, 2021

Canadian housing starts increased by 23% m/m to 282,428 units in January at a seasonally adjusted annual rate (SAAR), following a 12% decrease in the previous month. Housing starts increased in 6 of 10 provinces with the strongest gains in Quebec and Ontario. January's strong performance increased the six-month moving average to a historic high of 244,963 units SAAR.  

In BC, housing starts decreased by 17% m/m to 35,931 units SAAR in January, following a 12% decrease in the previous month. Building activity was down by 28% for multi-unit starts, while single-detached starts were up by 38% in January. Compared to the same time last year, housing starts were up by 24% in BC. 

We can expect housing activity to continue to be supported by strong demand and historically low borrowing rates but are not expected to remain at elevated levels. The value of BC residential building permits was down by 5% in December. The good news is that after a long downward trend in the value of building permits for single-detached homes in BC, the trend started to reverse in April 2020. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-jan-february-16-2021

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 
Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

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.

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The Neal Estate Group is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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