Canadian housing starts rose 16 per cent to 279,509 units in July at a seasonally adjusted annual rate (SAAR). Starts were up 10.4 per cent from the same month last year. Single-detached housing starts were 2 per cent higher from last month at 54,189 units, while multi-family and others rose 20 per cent to 225,321 units (SAAR). 

In British Columbia, starts rose 18 per cent from last month to 47,987 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 9 per cent to 4,376 units while multi-family starts rose 21 per cent to 41,414 units. Starts in the province were 1 per cent below the levels from July 2023. Compared with last year, year-to-date starts are up by 69 per cent in Kelowna, and 29 per cent in Abbotsford. Year-to-date starts are down by 18 per cent in Vancouver, 8 per cent in Nanaimo, and by 0.6 per cent in Victoria. 

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

For more information, please contact: Gino Pezzani.