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Vancouver Housing Starts Supported by Record Resales and Low Inventory of New Homes

VANCOUVER, April 8, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 25,969 units in March compared to 24,248 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“An increase in single-detached, townhome and apartment starts saw the pace of new home construction surpass last month’s trend,” said Richard Sam, Market Analyst. “Record monthly resales and low inventories of new move-in ready homes have motivated builders to bring on more supply to the marketplace,” added Sam.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 28,412 units in March, down from 37,315 units in February due to the record level of housing starts recorded last month. Housing starts in February were the highest monthly total in the past 25 years in the Vancouver CMA.

Housing starts in the Abbotsford-Mission CMA were trending at 1,265 units in March, down from 1,408 units in February due to a decrease in apartment starts.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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Media Contact:

Elisabeth Lefrancois
604-737-4072
elefranc@cmhc.ca

Additional data is available upon request.

*SAAR: Seasonally Adjusted Annual Rate
Source: CMHC

Preliminary Housing Start Data
March 2016
Vancouver CMA1 February 2016 March 2016
Trend2 24,248 25,969
SAAR 37,315 28,412
  March 2015 March 2016
Actual    
March — Single-detached 324 401
March — Multiples 1,605 1,895
March — Total 1,929 2,296
January to March — Single-detached 954 1,197
January to March — Multiples 3,329 5,884
January to March— Total 4,283 7,081

Source: CMHC
1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR).
Detailed data available upon request

Vancouver CMA Preliminary Actual Housing Starts Data
March / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 5 1 -- -- 5 1
Belcarra VL -- -- -- -- -- --
Bowen Island IM -- 2 -- -- -- 2
Burnaby CY 14 23 45 150 59 173
Coquitlam CY 22 25 29 154 51 179
Delta DM 8 11 13 -- 21 11
First Nations -- 8 -- -- -- 8
Greater Vancouver A RDA 1 1 169 -- 170 1
Langley CY -- 1 -- -- -- 1
Langley DM 15 19 75 61 90 80
Lions Bay VL -- -- -- -- -- --
Maple Ridge CY 30 33 59 44 89 77
New Westminster CY -- 3 -- 53 -- 56
North Vancouver CY -- 5 127 109 127 114
North Vancouver DM 6 19 98 180 104 199
Pitt Meadows CY 2 3 16 -- 18 3
Port Coquitlam CY 2 1 64 -- 66 1
Port Moody CY 2 2 -- -- 2 2
Richmond CY 39 55 111 239 150 294
Surrey CY 63 69 555 227 618 296
Vancouver CY 93 107 237 676 330 783
West Vancouver DM 15 11 2 -- 17 11
White Rock CY 7 2 5 2 12 4
Vancouver CMA Total 324 401 1,605 1,895 1,929 2,296

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
March / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 201 201
Abbotsford CY 6 29 8 37 14 66
First Nations -- -- -- -- -- --
Mission DM 14 6 -- 3 14 9
CMA Total 20 35 8 40 28 75

Source: CMHC

Vancouver CMA Preliminary Actual Housing Starts Data
Year to Date / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 5 5 -- -- 5 5
Belcarra VL -- 1 -- -- -- 1
Bowen Island IM -- 3 -- -- -- 3
Burnaby CY 53 86 117 1,066 170 1,152
Coquitlam CY 56 94 107 489 163 583
Delta DM 30 25 48 44 78 69
First Nations -- 22 -- -- -- 22
Greater Vancouver A RDA 2 1 246 -- 248 1
Langley CY -- 1 -- -- -- 1
Langley DM 58 56 207 182 265 238
Lions Bay VL -- -- -- -- -- --
Maple Ridge CY 93 116 85 136 178 252
New Westminster CY 4 17 -- 251 4 268
North Vancouver CY 3 20 306 346 309 366
North Vancouver DM 24 36 131 268 155 304
Pitt Meadows CY 6 6 36 -- 42 6
Port Coquitlam CY 5 8 106 16 111 24
Port Moody CY 4 4 -- 7 4 11
Richmond CY 92 108 497 540 589 648
Surrey CY 186 229 741 490 927 719
Vancouver CY 284 309 694 2,044 978 2,353
West Vancouver DM 39 45 2 -- 41 45
White Rock CY 10 5 6 5 16 10
CMA Total 954 1,197 3,329 5,884 4,283 7,081

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
Year to Date / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Abbotsford CY 19 78 103 230 122 308
First Nations -- -- -- -- -- --
Mission DM 27 53 -- 21 27 74
CMA Total 46 131 103 251 149 382

Source: CMHC

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