Vancouver-area housing starts were trending at 20,080 units in September, Canada Mortgage and Housing Corporation announced October 8.
This figure, which represents a six-month moving average of monthly seasonally adjusted annual rates, is a drop of less than 1% compared with 20,262 in August.
“An increasing trend in single detached housing starts was offset by fewer multiple-family housing starts of all types – duplex, townhouse and apartment – in September, said CMHC senior market analyst Robyn Adamache.
“After a strong August, the total level of housing starts returned to the long-term trend. So far this year, Vancouver, Surrey, Richmond, Coquitlam and Burnaby have accounted for nearly three-quarters of all single-detached home starts.”
Little movement was also seen across the province, where starts were trending at 27,842 – up less than 1% compared with 27,620 in August.
“The trend measure for housing starts edged higher in September compared to August,” said Carol Frketich, CMHC B.C. regional economist.
“Apartment and townhome starts were stable while single-detached and semi-detached home starts trended higher.”
BMO senior economist described the B.C. data as “steady,” explaining that starts are “back into the long-standing range that has been in place since early 2010.”
The CMHC uses a six-month moving average to take into account swings in monthly estimates, which it says gives a more complete picture of the market and takes month-to-month swings, which can be misleading, out of the picture.
@EmmaHampelBIV
