BCREA ECONOMICS NOW 
Canadian Housing Starts - May 8, 2012
Canadian housing starts soared 14 per cent in April to a seasonally adjusted annual rate (SAAR) of 244,900 units. The jump in starts was driven by a big increase in multiple-unit starts in Ontario and Quebec. New home construction in BC urban centres rose over 6 per cent from March 2012, registering 22,100 starts (SAAR) in April. On a year-over-year basis, housing starts were 1.6 per cent lower than April 2011.
Housing starts were flat on a year-over-year basis in Vancouver at 1,332. A decline in single family starts of 19 per cent was offset by a 7 per cent increase in multi-family starts. Abbotsford new home construction was up 60 per cent year-over-year in April due to increased activity in multi-family construction. New home construction in Victoria was off 5 cent compared with April 2011. Finally, new home construction in Kelowna fell 51 per cent on a year-over-year basis due to much weaker activity in both the single-family and multi-family segment of the market.
For more information, please contact:
Cameron Muir Chief Economist Brendon Ogmundson Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Copyright British Columbia Real Estate Association. Reprinted with permission.
Canadian Housing Starts - May 8, 2012
Canadian housing starts soared 14 per cent in April to a seasonally adjusted annual rate (SAAR) of 244,900 units. The jump in starts was driven by a big increase in multiple-unit starts in Ontario and Quebec. New home construction in BC urban centres rose over 6 per cent from March 2012, registering 22,100 starts (SAAR) in April. On a year-over-year basis, housing starts were 1.6 per cent lower than April 2011.
Housing starts were flat on a year-over-year basis in Vancouver at 1,332. A decline in single family starts of 19 per cent was offset by a 7 per cent increase in multi-family starts. Abbotsford new home construction was up 60 per cent year-over-year in April due to increased activity in multi-family construction. New home construction in Victoria was off 5 cent compared with April 2011. Finally, new home construction in Kelowna fell 51 per cent on a year-over-year basis due to much weaker activity in both the single-family and multi-family segment of the market.
For more information, please contact:
Cameron Muir Chief Economist Brendon Ogmundson Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
Copyright British Columbia Real Estate Association. Reprinted with permission.
