Canadian housing starts rose by 21.5k (8.1 per cent) to 287.3k units in May at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from May of 2021 (1.2 per cent). Single-detached housing starts declined 3.1 per cent to 78.9k, while multi-family and others rose 13.1 per cent to 208.4k (SAAR).
In British Columbia, starts declined 22.7 per cent in May, falling to 40.2k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts declined 13.8 per cent m/m to 8.1k units while multi-family starts fell 26.1 per cent to 29.6k units. Starts in the province were 13.7 per cent above the levels from May 2021. Starts were down by 6.4k units in Vancouver, 1.2k in Kelowna, and 1.4k in Abbotsford from last month, while rising by just over 100 in Victoria. The 6-month moving average trend rose 0.3 per cent to 42.4k in BC in May.
Link: https://mailchi.mp/bcrea/canadian-housing-starts-may-2022
For more information, please contact: Gino Pezzani.
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