BRITISH COLUMBIA – Canadian housing starts increased by 3 per cent m/m to 214,875 units in October at a seasonally adjusted annual rate (SAAR), following a decline in September. Housing starts increased in 6 of 10 provinces with strong gains in Manitoba and Alberta.
Building activity gained momentum in the single-detached segment, while multi-unit starts declined slightly. October’s healthy number increased the six-month moving average to 222,734 units SAAR.
In BC, housing starts decreased by 6 per cent m/m to 30,381 units SAAR in October, following a decrease of 26 per cent in September.
Building activity was up by 6 per cent in the single-detached segment, while multi-unit starts were down by 11 per cent.
In the near term, we can expect housing activity to continue to be supported by strong demand and historically low borrowing rates. Meanwhile, the value of residential building permits was up in September by 34 per cent.
Compared to the same time last year, housing starts were down by 11 per cent in BC.
