Canadian Housing Starts to Fall

Canadian Housing Starts (January 2023)

Canadian housing starts declined 13.3 percent to 215,365 units in January at a seasonally-adjusted annual rate (SAAR). Starts were down 6.9 percent from January 2022. Single-detached housing starts rose 9.5 percent to 62.9k, while multi-family and others fell 20.1 percent to 152.5k (SAAR).

In British Columbia, starts fell by 13.6 percent in January to 50.1k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 11.3 percent m/m to 5.9k units while multi-family starts fell 14.2 percent to 40.6k units. Starts in the province were 29.1 percent above the levels from January 2022. Starts were up by 2.4k in Victoria and 0.1k in Kelowna, while falling 5.4k in Vancouver and 1.5k in Abbotsford. The 6-month moving average trend rose 0.6 percent to 50.7k in BC in November. 

Source - BCREA