Canadian Housing Starts (October 2021)

Canadian Housing Starts (October 2021) - November 16, 2021

Canadian housing starts declined for the fifth consecutive month in October, but remain somewhat strong compared to typical pre-pandemic activity. Housing starts decreased by 13.4k to 236.6k units (-5.3% m/m) in October at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up modestly from October of 2020 (4.1% y/y). Single-detached housing starts dipped 3.7% in October to 73.4k, while multi-family and others declined 6% to 163.2k (SAAR). 

In British Columbia, starts were essentially unchanged in October, maintaining the level of 35.9k units SAAR in all areas of the province. Single-detached starts dropped 5.6% m/m to 7.5k units while multi-family starts offset this drop with a 5.9% rise to 25k units. Starts in the province remained 9.2% above the levels from October 2020. BC's six-month moving average for starts declined slightly, but remains elevated by historical standards. 

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