Canadian housing starts fell 10 per cent to 254,966 units in July at a seasonally adjusted annual rate (SAAR). Starts were down 8 per cent from the same month last year. Single-detached housing starts fell 4 per cent to 55,093 units, while multi-family and others fell 12 per cent to 199,873 (SAAR).

In British Columbia, starts fell by 23 per cent in July to 50,733 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 25 per cent m/m to 4,760 units while multi-family starts fell 25 per cent to 42,970 units. Starts in the province were 5 per cent above the levels from July 2022. Starts declined by 10.8k in Vancouver, 0.6k in Victoria, 3.3k in Kelowna, and 0.4k in Abbotsford from the previous month. The 6-month moving average trend in BC remained essentially unchanged at 51,423

Link: https://mailchi.mp/bcrea/canadian-housing-starts-july-2023

For more information, please contact: Gino Pezzani.