Canadian housing starts rose 14 per cent to 253,468 units in February at a seasonally adjusted annual rate (SAAR). Starts were up 5 per cent from the same month last year. Single-detached housing starts fell 3 per cent from last month to 52,833 units, while multi-family and others rose 19 per cent to 200,638 units (SAAR).

In British Columbia, starts rose 49 per cent from last month to 46,411 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 per cent to 4,585 units while multi-family starts jumped 65 per cent to 39,852 units. Starts in the province were 22 per cent above the levels from February 2023. Compared to the same time last year, starts were down by 28 per cent in Kelowna, 36 per cent in Abbotsford, and 8 per cent in Victoria. In Vancouver, starts were up by 82 per cent and in Nanaimo starts were unchanged from February of 2023. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-february-2024

For more information, please contact: Gino Pezzani.