Canadian housing starts fell sharply by 22 per cent to 212,624 units in November at a seasonally adjusted annual rate (SAAR). Starts were down 19 per cent from the same month last year. Single-detached housing starts fell 6 per cent from last month to 56,268 units, while multi-family and others fell 26 per cent to 156,356 units (SAAR). 

In British Columbia, starts dropped 35 per cent from last month to 39,051 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 7 per cent to 5,181 units while multi-family starts dived by 40 per cent to 31,288 units. Starts in the province were 19 per cent below the levels from November 2022. Starts fell from last month by 13.6k units in Vancouver, 3.2k in Victoria, and 4.4k in Kelowna while rising by 2.1k in Abbotsford. The 6-month moving average trend in BC fell by 0.6 per cent to 50,543 SAAR. 

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

For more information, please contact: Gino Pezzani.