Canadian housing starts fell to 230.8k units in January at a seasonally-adjusted annual rate (SAAR). Housing starts were down by 7.7k (3% m/m) in January (SAAR). Comparing year-over-year, starts were down from January of 2021 (26.9% y/y). Single-detached housing starts rose 8.9% in January to 78.5k, while multi-family and others dropped 8.5% to 152.2k (SAAR). In British Columbia, starts were down 29.2% in January, falling to 39.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 23.4% m/m to 7.2k units while multi-family starts declined 33.4% to 28.2k units. Starts in the province were 33.7% below the levels from January 2021. Starts were down by 4.4k units in Vancouver, 4.2k in Victoria, 5.2k in Kelowna, and 0.1k in Abbotsford. The 6-month moving average trend declined 4.4% to 42.3k in BC in January.

Link: https://mailchi.mp/bcrea/canadian-housing-starts-january-2022

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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.