Housing starts in the Vancouver Census Metropolitan area were trending at 20,271 units in August, according to Canada Mortgage and Housing Corporation data released September 9.
This is up 11% compared with July. The figure measures a six-month moving average of monthly seasonally adjusted annual rates.
“Multiple-family housing starts accounted for much of the uptick in August,” said CMHC senior market analyst Robyn Adamache.
“Larger condominium apartment projects in Richmond and Burnaby were the most significant contributors to the August numbers.”
Across British Columbia, starts were trending at 27,511 units in August, up 8% from July after remaining relatively flat compared with June.
“The trend in housing starts moved higher in August, consistent with CMHC’s outlook for the year,” said Carol Frketich, CMHC’s B.C. regional economist.
“Trend levels of single-detached and semi-detached home starts have been gradually rising since the beginning of the year.
“Row and apartment starts moderated then returned to levels recorded earlier in the year.”
Robert Kavcic, BMO senior economist, called the B.C. housing starts data “room temperature.”
“The resale market has re-balanced and construction activity is well behaved,” he said.
According to the CMHC, using a six-month moving average takes into account swings in monthly estimate, giving a more complete market snapshot. Looking at monthly data alone can be misleading due to large month-to-month swings, it said.
