Housing Starts for October 2022 in Around Town
Your Weekly Construction Briefing
According to the BC Real Estate Association’s (BCREA) latest Economic Now report, new construction starts in BC are 29.5 per cent above October 2021, but fell by 14 per cent using the seasonally-adjusted annual rate (SAAR).
This compares to a 10.6 percent decrease Canada-wide to 267,100 units in October. Multi-family and other units showed the largest decrease at 13% while single-detached housing starts fell by 4%. In contrast, there has been an 11.5 increase in housing start when compared year-over-year with October 2021.
In BC, single-detached homes starts fell 4 per cent, or 7,700 units while multi-family starts fell 17 per cent to 35,000 units. Starts were down by 6,100 in Vancouver, 1,100 in Abbotsford, and 600 in Kelowna, but were up by 4,100 in Victoria.
In contrast, starts jumped in the Prairies (+14k to 61k units), with gains observed in Manitoba, Saskatchewan and Alberta.
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