Vancouver Census Metropolitan Area (CMA) housing starts dropped 1% to 1,467 from 1,488 in August, year over year, according to data released this morning by the Canada Mortgage and Housing Corp. (CMHC).
“It’s pretty close to last year’s levels,” said Carol Frketich, regional economist with the CMHC. “The strength is in the multiple-unit side.”
Fketich noted that year-to-date, multiples have increased by 44% over last year, and singled-detached housing starts have decreased about 25% year to date compared with2010.
Frketich said Vancouver CMA August housing starts were down slightly from July, which she said was most accurately measured by the seasonally adjusted annual rate dropping to about 16,900 units in August from 18,100 in July.
But she said it was, “not a lot of change, considering (multiple units) can have a lot of impact, fluctuating month to month.”
Frketich noted that in the province, the level of construction is up about 3% compared with last year, driven by the Vancouver CMA.
Frketich said within the Vancouver CMA, multiple-unit starts are highest inVancouver, Richmond, Surrey, Burnaby and Coquitlam.
Jenny Wagler
Twitter: JennyWagler_BIV