BRITISH COLUMBIA – The British Columbia Real Estate Association reports that Canadian housing starts rose 8 per cent to 240,761 units in October at a seasonally adjusted annual rate (SAAR). Starts were down 12 per cent from the same month last year. Single-detached housing starts were 9 per cent higher from last month at 58,912 units, while multi-family and other starts also rose 7 per cent to 181,849 units (SAAR).
In British Columbia, starts fell 3 per cent from last month to 42,653 units SAAR in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts rose by 6 per cent to 4,580 units while multi-family starts fell by 1 per cent to 35,907 units compared to September.
Starts in the province were 30 per cent below the levels from October 2023. Compared with last year, year-to-date starts are up by 46 per cent in Kelowna and 28 per cent in Abbotsford. Year-to-date starts are down by 18 per cent in Vancouver, 27 per cent in Nanaimo, and 14 per cent in Victoria.
Source: bcrea.bc.ca
