BRITISH COLUMBIA – Canadian housing starts decreased by 12.6 per cent m/m to 228,279 units in December at a seasonally adjusted annual rate (SAAR), following a strong increase of 14 per cent in the previous month. Housing starts decreased in 8 of 10 provinces with the largest decline in 
Manitoba (-40.5 per cent). Building activity declined in both the single-detached (-6.2 per cent) and multi-unit (-15.5 per cent) segments.
Despite December’s decline, housing starts finished 2020 higher than the previous year. Also, the six-month moving average was still a robust 239,052 units SAAR.
In BC, housing starts decreased by 12.1 per cent m/m to 43,602 units SAAR in December, following a strong increase of 51 per cent in November. Building activity was down by 15.7 per cent in the multi-unit segment, while single-detached starts were up by 1.5 per cent. The decline in the multi-unit segment was led by Vancouver.
The pullback in December was not unexpected as tighter COVID-19 restrictions were put in place. We can still expect housing activity to be supported by strong demand and historically low borrowing rates.
The value of BC residential building permits was up by 22 per cent in November with a strong increase in the multi-unit segment, which will contribute positively to economic growth. Compared to the same time last year, housing starts were up by 1.2 per cent in BC.
