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Vancouver Housing Starts Trended Lower in August

VANCOUVER, September 8, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 28,108 units in August compared to 30,333 units in July, 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.

“While actual housing starts remain well above levels recorded in 2015, August did see a dip in the trend for the first time this year,” said Robyn Adamache, CMHC Principal Market Analyst for Vancouver. “Large multi-unit condo projects in Burnaby, Coquitlam and Vancouver account for just over half of all new residential starts in August.”

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 24,013 units in August, down from 24,682 units in July due to aslowdown in new detached and row home starts.

Housing starts in the Abbotsford-Mission CMA were trending at 1,005 units in August, down from 1,241 units in July. Fewer starts of single detached homes, row units and apartments contributed to the decline in home building this month.

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

Courtney Gillis
403-515-3012
cgillis@cmhc.ca

Additional data is available upon request.


*SAAR: Seasonally Adjusted Annual Rate

Preliminary Housing Start Data
August 2016
Vancouver CMA1 July 2016 August 2016
Trend2 30,333 28,108
SAAR 24,682 24,013
  August 2015 August 2016
Actual    
August — Single-detached 441 439
August — Multiples 1,021 1,614
August — Total 1,462 2,053
January to August — Single-detached 3,126 3,579
January to August — Multiples 10,591 15,427
January to August — Total 13,717 19,006
Preliminary Housing Start Data
August 2016
Abbotsford-Mission CMA1 July 2016 August 2016
Trend2 1,241 1,005
SAAR 945 601
  August 2015 August 2016
Actual    
August — Single-detached 47 34
August — Multiples 38 23
August — Total 85 57
January to August — Single-detached 215 347
January to August — Multiples 209 461
January to August — Total 424 808

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
August / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 0 0 0 0 0 0
Belcarra VL 0 0 0 0 0 0
Bowen Island IM 2 2 0 0 2 2
Burnaby CY 35 27 77 455 112 482
Coquitlam CY 17 19 18 297 35 316
Delta DM 13 7 8 4 21 11
First Nations / Premières nations 0 0 0 0 0 0
Greater Vancouver A RDA 0 0 161 0 161 0
Langley CY 1 0 0 0 1 0
Langley DM 21 36 65 54 86 90
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 28 40 20 54 48 94
New Westminster CY 8 12 66 21 74 33
North Vancouver CY 1 0 1 0 2 0
North Vancouver DM 14 13 10 7 24 20
Pitt Meadows CY 2 0 0 0 2 0
Port Coquitlam CY 1 0 35 0 36 0
Port Moody CY 1 3 0 0 1 3
Richmond CY 42 44 237 79 279 123
Surrey CY 113 102 193 179 306 281
Vancouver CY 130 108 121 461 251 569
West Vancouver DM 7 21 0 0 7 21
White Rock CY 5 5 9 3 14 8
CMA Total 441 439 1,021 1,614 1,462 2,053

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
August / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Abbotsford CY 45 25 38 23 83 48
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 2 9 0 0 2 9
CMA Total 47 34 38 23 85 57

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 10 14 0 1 10 15
Burnaby CY 209 255 1,192 2,020 1,401 2,275
Coquitlam CY 175 239 440 1,029 615 1,268
Delta DM 91 83 418 228 509 311
First Nations / Premières nations 0 32 0 0 0 32
Greater Vancouver A RDA 3 1 407 0 410 1
Langley CY 6 2 0 14 6 16
Langley DM 164 245 700 671 864 916
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 257 328 181 289 438 617
New Westminster CY 32 47 366 700 398 747
North Vancouver CY 27 41 782 589 809 630
North Vancouver DM 92 94 160 628 252 722
Pitt Meadows CY 11 12 38 0 49 12
Port Coquitlam CY 20 24 207 116 227 140
Port Moody CY 11 13 14 8 25 21
Richmond CY 288 316 1,170 1,363 1,458 1,679
Surrey CY 721 729 2,301 1,522 3,022 2,251
Vancouver CY 866 933 2,149 6,083 3,015 7,016
West Vancouver DM 94 128 33 57 127 185
White Rock CY 41 32 33 109 74 141
CMA Total 3,126 3,579 10,591 15,427 13,717 19,006

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 153 239 205 416 358 655
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 62 108 4 45 66 153
CMA Total 215 347 209 461 424 808

Source: CMHC

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