BRITISH COLUMBIA – Canadian housing starts continued at a historically high level in June. Although housing starts decreased to 282.1k units (-1.5 per cent m/m) in June at a seasonally adjusted annual rate (SAAR), on a year-over-year basis starts were still 33 per cent above their June 2020 levels.
The six-month moving average of SAAR housing starts rose 3.1 per cent to 293.6k units in June. Single-detached housing starts declined 6.9 per cent from May, while all other housing starts rose 0.9 per cent.
In BC starts rose faster than any other province in June, up 43 per cent m/m to 68k units SAAR in all areas of the province. The level remains just below a record March when new units were constructed at a 71K unit annualized pace.
In terms of the six-month moving average, BC is at a record level of housing starts. In centres with at least 10,000 residents, single-detached starts were flat, but multi-unit starts were up 56 per cent from last month. Compared to the same time last year, housing starts in June were up 74 per cent. In Vancouver, housing starts were 91 per cent higher than June of 2020, while in Victoria starts were up 78 per cent from the same month last year.