Canadian Housing Starts (Feb) - March, 2021

Canadian housing starts decreased by 13.5% m/m to 246k units in February at a seasonally adjusted annual rate (SAAR), following a strong increase of 24% in January. Housing starts decreased in all provinces except for BC. Building activity declined in both the multi-unit (-16%) and single-detached (-9%) segments. Despite February's decline, national housing starts were up by 17% compared to the same time last year. Also, the six-month moving average was still a strong 243k units SAAR.

In BC, housing starts increased by 21% m/m to 43.5k units SAAR in February, following a decrease of 17% in the previous month. Building activity was up by 39% in the multi-unit segment, while single-detached starts were down by 14%. The rise in the multi-unit segment was led by Vancouver, which reported a 70% increase in multi-unit starts in February. Compared to the same time last year, housing starts were up by 2% in BC.

The decline in February comes on the heels of a very strong 2020. Also, the level of residential construction activity is still above pre-pandemic levels, reflecting the high demand for housing that we've seen across the country. The value of BC residential building permits was down by 1% in January, led by the multi-unit segment, while permits were up for the single-detached segment.

For more information, please contact: Gino Pezzani.


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.