BRITISH COLUMBIA – According to the BC Real Estate Association (BCREA) Canadian housing starts rose by 18.9k (7.6 per cent) to 267.3k units in April at a seasonally-adjusted annual rate (SAAR).
Comparing year-over-year, starts were down from April of 2021 (-3.1 per cent y/y). Single-detached housing starts declined 1.5 per cent to 83.2k, while multi-family and others rose 12.3 per cent to 184.1k (SAAR).
In British Columbia, starts jumped 59.3 per cent in April, rising to 52.1k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 13.6 per cent m/m to 9.4k units while multi-family starts jumped 93 per cent to 39.9k units.
Starts in the province were 32.5 per cent above the levels from April 2021. Starts were up by 16.7k units in Vancouver, 2.4k in Victoria, 1k in Kelowna, and 1.4k in Abbotsford from last month. The 6-month moving average trend rose 6.8 per cent to 42.3k in BC in April.
