Sign In / Register

Find us on...

Share on...

Dashboard

New Search X

Canadian Housing Starts (July) - August 11, 2020

Posted by Ron Neal on Tuesday, August 11th, 2020 at 3:05pm.

bcrea header

August11
 

Canadian Housing Starts (July) - August 11, 2020

Canadian housing starts increased by 16% m/m to 245,604 units in July at a seasonally adjusted annual rate (SAAR), which was well above pre-COVID levels. This brought up the national housing starts six-month average to 204,376 units SAAR. Housing starts were up across the country with notable growth in the Prairies and Atlantic Canada.  

In BC, housing starts were up 9% m/m to 42,381 units SAAR in July, following an increase of 38,840 in June. The increase was primarily driven by the multi-unit segment. Housing starts in July are back at pre-COVID levels. That being said, housing starts in the province showed resilience during the height of the pandemic when restrictions were the tightest. In the near term, we can expect housing activity to continue to be supported by pent-up demand and historically low borrowing rates. Compared to the same time last year, housing starts are down by 16%. Meanwhile, the value of residential building permits for June was up by 20% in the province.  

Looking at census metropolitan areas in BC: 

Housing starts in Vancouver were up by 4% m/m in July to 24,395 units SAAR. Multi-units were up by 5%, while singles were down by 4%. Compared to last year in July, housing starts were down by 23%, which marks the fourth consecutive month of negative year-over-year growth.  

In Victoria, housing starts were up by 77% m/m to 4,161 units SAAR. Compared to a year ago in July, housing starts were up by 14%.  

In Kelowna, housing starts increased by 21% m/m to 3,457 unit SAAR. Starts were up by 138% in the region compared to the same time last year. 

Monthly housing starts in Abbotsford-Mission were down by 18% at 479 units SAAR. Compared to the same time last year, new home construction was down by 84%.

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.

Talk to our team to learn more

Learn More

1,378 Views

Leave a Comment

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. 


Join Us On Social Media