Housing Starts - July 10, 2012
Canadian housing starts rose 2.4 per cent in June to a
seasonally adjusted annual rate of 222,700 starts. New home construction in BC
urban centres showed strong growth for the second straight month, registering a
robust 34,100 starts (SAAR) in June, a gain of 31 per cent over May. On a
year-over-year basis, BC housing starts were 60 per cent higher than June 2011.
BC Housing starts are 13 per cent higher through the first half of 2012, the
result of an 18 per cent increase in multi-family starts while single-family
construction has been flat.
BC's strong new home
construction was led by a jump in multi-family construction in Vancouver which
rose close to 70 per cent year-over-year in June, including a near doubling of
multi-family units compared to June 2011. Single family starts, however,
continue to moderate, falling 7 per cent year-over-year. Abbotsford new home
construction fell 21 per cent year-over-year in June due to a 26 per cent dip in
single-family starts and a 9 per cent decline in multi-family starts. Housing
starts in Victoria rebounded from a weak May as total starts rose 30 per cent
year-over-year on balanced growth between single and multi-family starts.
Finally, new home construction in Kelowna fell 15 per cent, largely due to weak multi-family starts.
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BCREA represents 11 member
real estate boards and their approximately 18,000 REALTORS® on all provincial
issues, providing an extensive communications network, standard forms, economic
research and analysis, government relations, applied practice courses and
continuing professional education (cpe).
Columbia Real Estate Association. Reprinted with permission. BCREA makes no
guarantees as to the accuracy or completeness of this information.