Canadian housing starts increased by 3.2% m/m to 275.9k units in May at a seasonally adjusted annual rate (SAAR). Starts hit a record in March of 333.3k before declining somewhat in April. Single-detached housing starts declined 12% from April, while all other housing starts rose 11%. National housing starts were up by 41% compared to the same time last year and the six-month moving average level of starts is trending at an elevated level of 281,000 units SAAR. In BC, housing starts rose 19% m/m to 45.2k units SAAR in all areas of the province but remains below a record March that saw new homes constructed at a nearly 71K unit annualized pace. Building activity was up 30% in the multi-unit segment, while single-detached starts were down by 10%. Compared to the same time last year, housing starts were up by 17% in BC.

https://mailchi.mp/bcrea/canadian-housing-starts-may-2021

For more information, please contact:

BCREA is the professional association for more than 23,000 REALTORS in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS provide value for their clients.To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.