Greater Vancouver housing starts have dropped when compared with one year prior, according to Canada Mortgage and Housing Corp. (CMHC) data released this morning.
Housing starts in January dropped nearly 20% to 1,250 units when compared with 1,554 in the same period last year.
The numbers separated by home-type:
- January 2013: 1,250 starts – 320 single-detached houses, 930 multiple-family homes; and
- January 2012: 1,554 starts – 269 single-detached houses, 1,285 multiple-family homes.
But the seasonally adjusted annual rate of housing starts showed an increase to 15,877 in January from 14,973 units in December, a jump of 6%.
CMHC's British Columbia regional economist Carol Frketich said, "Although January starts were below trend, a pickup in single-detached home starts and stable level of multiple-family starts narrowed the gap."
