Real Estate and Development

B.C. housing starts fall in December

Thu Jan 10, 2013 10:30am PST

Housing starts in B.C. fell in December, although total starts in the month were relatively flat compared with a year ago, Canada Mortgage and Housing Corp. announced January 9.

CMHC’s six-month moving average of the monthly seasonally adjusted annual rate (SAAR) for housing starts showed 20,227 starts in December, down from 22,043 starts in November.

Actual single-detached starts fell in December but were balanced by an equivalent rise in multi-family starts.

There were 511 single-detached home starts in December, compared with 547 starts in the same month in 2011. Multi-family starts, in contrast, totalled 1,076 starts in December, compared with 1,047 starts in December 2011.

“An increase in multiple-family housing starts in 2012 boosted residential construction for the year above the previous year's level,” said Carol Frketich, CMHC's British Columbia Regional Economist. “However, urban housing starts in B.C. trended lower during the final four months of 2012, reflecting a slowdown in apartment starts,” she added.

Housing starts in Vancouver similarly are declining.

CMHC statistics show that the six-month SAAR for Metro Vancouver also fell to 14,722 units in December from 15,056 units in November.

gkorstrom@biv.com

@GlenKorstrom

Tags: Carol Frketich, mortgage, construction and property, real estate, Canada Mortgage and Housing Corp.



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