Canadian Housing Starts (November 2022)
Canadian housing starts were essentially flat in November, declining just 0.2 percent to 264.2k units at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from November of 2021 (14 percent). Single-detached housing starts fell 5 percent to 67.8k, while multi-family and others rose 2 percent to 196.4k (SAAR).
In British Columbia, starts rose by 9 percent in November to 50.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 4 percent m/m to 7.4k units while multi-family starts rose 13 percent to 39.6k units. Starts in the province were 28 percent above the levels from November 2021. Starts were up by 2k in Vancouver and 0.9k in Kelowna, but were down by 0.1k in Abbotsford and unchanged in Victoria. The 6-month moving average trend rose 3 percent to 50.7k in BC in November.
Source- BCREA
