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Vancouver Housing Starts Still on the Rise in July

VANCOUVER, August 9, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 30,361 units in July compared to 29,933 units in June, 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.

“Strong demand for new homes in July kept the housing starts trend well above its five-year average,” said Robyn Adamache, CMHC Principal Market Analyst for Vancouver. “Nearly six in ten detached homes and almost all apartments were sold on completion, meaning the supply of completed and unsold new homes remains low.”

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 24,737 units in July, down from 35,447 units in June due to a pullback in new apartment starts.

Housing starts in the Abbotsford-Mission CMA were trending at 1,251 units in July, down from 1,399 units in June. Fewer apartment starts accounted for this month’s decline in home building.

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:

Jeanette Wilkinson
604-737-4007
jpwilkin@cmhc.ca

Additional data is available upon request.

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*SAAR: Seasonally Adjusted Annual Rate
Source: CMHC

Preliminary Housing Start Data
July 2016
Vancouver CMA1 June 2016 July 2016
Trend2 29,933 30,361
SAAR 35,447 24,737
  July 2015 July 2016
Actual    
July — Single-detached 431 495
July — Multiples 1,886 1,618
July — Total 2,317 2,113
January to July — Single-detached 2,685 3,140
January to July — Multiples 9,570 13,813
January to July — Total 12,255 16,953
Preliminary Housing Start Data
July 2016
Abbotsford-Mission CMA1 June 2016 July 2016
Trend2 1,399 1,251
SAAR 1,330 974
  July 2015 July 2016
Actual    
July — Single-detached 31 52
July — Multiples 38 34
July — Total 69 86
January to July — Single-detached 168 313
January to July — Multiples 171 438
January to July — Total 339 751

Source: CMHC
1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). By removing seasonal ups and downs, seasonal adjustment allows for comparison of adjacent months and quarters. The monthly and quarterly SAAR and trend figures indicate the annual level of starts that would be obtained if the same pace of monthly or quarterly construction activity was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Detailed data available upon request

Vancouver CMA Preliminary Actual Housing Starts Data
July / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 0 1 0 0 0 1
Belcarra VL 0 0 0 0 0 0
Bowen Island IM 3 4 0 0 3 4
Burnaby CY 33 47 429 66 462 113
Coquitlam CY 24 36 40 38 64 74
Delta DM 24 12 332 110 356 122
First Nations / Premières nations 0 10 0 0 0 10
Greater Vancouver A RDA 0 0 0 0 0 0
Langley CY 1 0 0 0 1 0
Langley DM 23 50 46 98 69 148
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 8 25 0 48 8 73
New Westminster CY 2 5 1 137 3 142
North Vancouver CY 6 2 75 2 81 4
North Vancouver DM 9 14 6 89 15 103
Pitt Meadows CY 0 3 0 0 0 3
Port Coquitlam CY 4 2 34 70 38 72
Port Moody CY 0 1 0 1 0 2
Richmond CY 38 49 248 106 286 155
Surrey CY 114 96 267 304 381 400
Vancouver CY 114 117 407 546 521 663
West Vancouver DM 24 16 0 0 24 16
White Rock CY 4 5 1 3 5 8
CMA Total 431 495 1,886 1,618 2,317 2,113

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
July / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Abbotsford CY 30 40 38 33 68 73
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 1 12 0 1 1 13
CMA Total 31 52 38 34 69 86

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 8 10 0 0 8 10
Belcarra VL 0 1 0 0 0 1
Bowen Island IM 8 12 0 1 8 13
Burnaby CY 174 228 1,115 1,565 1,289 1,793
Coquitlam CY 158 220 422 732 580 952
Delta DM 78 76 410 224 488 300
First Nations / Premières nations 0 32 0 0 0 32
Greater Vancouver A RDA 3 1 246 0 249 1
Langley CY 5 2 0 14 5 16
Langley DM 143 209 635 617 778 826
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 229 288 161 235 390 523
New Westminster CY 24 35 300 679 324 714
North Vancouver CY 26 41 781 589 807 630
North Vancouver DM 78 81 150 621 228 702
Pitt Meadows CY 9 12 38 0 47 12
Port Coquitlam CY 19 24 172 116 191 140
Port Moody CY 10 10 14 8 24 18
Richmond CY 246 272 933 1,284 1,179 1,556
Surrey CY 608 627 2,108 1,343 2,716 1,970
Vancouver CY 736 825 2,028 5,622 2,764 6,447
West Vancouver DM 87 107 33 57 120 164
White Rock CY 36 27 24 106 60 133
CMA Total 2,685 3,140 9,570 13,813 12,255 16,953

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 108 214 167 393 275 607
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 60 99 4 45 64 144
CMA Total 168 313 171 438 339 751

Source: CMHC

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