The headline from Central Mortgage and Housing this month is that, among other things, housing starts in Vancouver were up 37 per cent in January, compared to the same month last year. To people who live or even drive around Vancouver, this is consistent with the visible construction, particularly with regards to multi-unit buildings in places where land assembly has been approved.
Among Canada’s three major cities, Vancouver was in the middle. Housing starts in Montreal were up a whopping 112 per cent over last January, while Toronto starts dropped by 41 per cent, a figure driven by decreases in multi-unit starts.
Overall, B.C. housing starts increased by 33 per cent in year-to-year comparisons, and were down 13 per cent from December, according to statistics from the B.C. Real Estate Association. In areas of the province with 10,000 or more residents, single-detached starts rose by 12 per cent to 4,898 units, while multi-family starts fell by 17 per cent to 34,078 units month-over-month.
Overall, B.C. housing starts increased by 33 per cent in year-to-year comparisons, and were down 13 per cent from December, according to statistics from the B.C. Real Estate Association. In areas of the province with 10,000 or more residents, single-detached starts rose by 12 per cent to 4,898 units, while multi-family starts fell by 17 per cent to 34,078 units month-over-month.
The BCREA gave a snapshot of the province with this graph:
How is a housing start defined?
CMHC defines a housing start as: (1) the stage when the concrete has been poured for the whole of the footing around the structure, or (2) an equivalent stage where a basement will not be part of the structure.