Still High By Historical Standards
BRITISH COLUMBIA – Canadian housing starts declined for the third consecutive month in August, but remain elevated by historical standards.
Housing starts decreased by 10.5k to 260.2k units (-3.9 per cent m/m) in August at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were roughly unchanged from August of 2020 (-0.5 per cent y/y).
Single-detached housing starts dipped 1 per cent in August to 80.7k, while multi-family and others declined 5 per cent to 159.5k.
In British Columbia, starts declined for a second consecutive month, dropping 7.5 per cent m/m to 46.9k units SAAR in all areas of the province. Single-detached starts declined 4.4 per cent m/m while multi-family starts declined 10 per cent.
Despite this, starts in the province in August remained 7.8 per cent above the levels from August 2020. BC’s six-month moving average for starts inched up to a record-high for a third consecutive month.
