February 2012 Housing Starts – Metro Vancouver Real Estate Market Update

February 2012 Housing Starts - Metro Vancouver Real Estate Market Update

The seasonally adjusted annual rate of housing starts was 201,100 units in February, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 198,100 units in January.

Factors contributing to the increase in housing starts include a rise in multiple housing starts in Québec, and to a lesser extent, in British Columbia. “Increases in these provinces were partially offset by decreases in multiple starts in Ontario and Atlantic Canada,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Multiple housing starts in Québec had fallen nearly 50 per cent in January, so February’s rise can be seen as a return to a more normal rate of construction.”

The seasonally adjusted annual rate of urban starts increased by 3.4 per cent to 182,800 units in February. Urban single starts rose by 3.5 per cent in February to 67,400 units. Similarly, multiple urban starts were up by 3.3 per cent to 115,400 units.

February’s seasonally adjusted annual rate of urban starts increased by 49.8 per cent in Québec, by 10.2 per cent in the Prairies, and by 9.6 per cent in British Columbia. Urban starts decreased by 15.5 per cent in Atlantic Canada and by 16.9 per cent in Ontario.

Rural starts were estimated at a seasonally adjusted annual rate of 18,300 units in February.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Housing Starts, Actual and SAAR*
ActualSAAR
February
2011
February
2012
January
2012
February
2012
Source: CMHC
*Seasonally adjusted annual rates
**Urban centres with a population of 10,000 and over.
Detailed data available upon request.
RevisedPreliminaryRevisedPreliminary
Canada, all areas10,78312,136198,100201,100
Canada, rural areas75963821,30018,300
Canada, urban centres**10,02411,498176,800182,800
Canada, singles, urban centres3,4193,48765,10067,400
Canada, multiples, urban centres6,6058,011111,700115,400
Atlantic region, urban centres2782568,4007,100
Quebec, urban centres1,7171,93928,10042,100
Ontario, urban centres4,0184,20277,10064,100
Prairie region, urban centres2,2062,79936,20039,900
British Columbia, urban centres1,8052,30227,00029,600

 

If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTOR® at james@hellovancity.com or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!

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James Chung

Founder & Editor in Chief of Hello Vancity magazine. Email james@hellovancity.com

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