Brand new website coming soon. Learn MoreClose

Vancouver Housing Starts Dip in October

VANCOUVER, November 8, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 26,074 units in October compared to 29,537 units in September, 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.

“Total housing starts trended lower in October due to a decline in apartment starts,” said Robyn Adamache, CMHC Principal Market Analyst for Vancouver. “Builders are concentrating on the many existing projects already underway in the CMA,” added Adamache.

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 12,023 units in October, down from 36,803 units in September. The decline in the SAAR for Vancouver was across all home types, but the largest drop was apartment starts. With a record number of homes already under construction, builders are concentrating on their existing projects and taking a wait-and-see approach to new developments as the local resale market cools and adjusts to recent policy changes including the Foreign Buyer Tax and changes to mortgage insurance qualification criteria.

Housing starts in the Abbotsford-Mission CMA were trending at 1,153 units in October, up from 939 units in September. The upward trend is mainly due to an increase 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.

Follow us on Twitter, YouTube, LinkedIn and Facebook.

Media Contact

Jeanette Wilkinson
604-737-4007
jpwilkins@cmhc-schl.gc.ca

Additional data is available upon request.

*SAAR: Seasonally Adjusted Annual Rate

Preliminary Housing Start Data
October 2016
Vancouver CMA1 September 2016 October 2016
Trend2 29,537 26,074
SAAR 36,803 12,023
  October 2015 October 2016
Actual    
October — Single-detached 389 415
October — Multiples 1,700 598
October — Total 2,089 1,013
January to October — Single-detached 3,909 4,506
January to October — Multiples 13,416 18,603
January to October — Total 17,325 23,109
Preliminary Housing Start Data
October 2016
Abbotsford-Mission CMA1 September 2016 October 2016
Trend2 939 1,153
SAAR 646 2,056
  October 2015 October 2016
Actual    
October — Single-detached 49 37
October — Multiples 11 143
Octobert — Total 60 180
January to October — Single-detached 319 415
January to October — Multiples 336 635
January to October — Total 655 1,050

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
October / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 0 8 0 0 0 8
Belcarra VL 0 0 0 0 0 0
Bowen Island IM 7 2 0 0 7 2
Burnaby CY 39 34 34 30 73 64
Coquitlam CY 8 19 4 8 12 27
Delta DM 11 18 11 20 22 38
First Nations / Premières nations 0 1 0 0 0 1
Greater Vancouver A RDA 0 0 0 0 0 0
Langley CY 2 2 0 0 2 2
Langley DM 22 35 34 44 56 79
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 23 31 7 44 30 75
New Westminster CY 10 1 5 1 15 2
North Vancouver CY 2 9 3 101 5 110
North Vancouver DM 23 14 8 6 31 20
Pitt Meadows CY 0 2 0 2 0 4
Port Coquitlam CY 2 4 178 1 180 5
Port Moody CY 1 7 0 1 1 8
Richmond CY 36 21 454 40 490 61
Surrey CY 89 88 599 207 688 295
Vancouver CY 88 102 359 89 447 191
West Vancouver DM 22 14 0 2 22 16
White Rock CY 4 3 4 2 8 5
CMA Total 389 415 1,700 598 2,089 1,013

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
October / 2015 – 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Abbotsford CY 34 22 11 143 45 165
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 15 15 0 0 15 15
CMA Total 49 37 11 143 60 180

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 19 0 0 8 19
Belcarra VL 0 1 0 0 0 1
Bowen Island IM 17 21 0 1 17 22
Burnaby CY 276 306 1,538 3,042 1,814 3,348
Coquitlam CY 212 305 458 1,251 670 1,556
Delta DM 116 124 473 302 589 426
First Nations / Premières nations 0 33 0 0 0 33
Greater Vancouver A RDA 4 1 460 0 464 1
Langley CY 8 4 0 22 8 26
Langley DM 207 346 754 815 961 1,161
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 300 376 205 339 505 715
New Westminster CY 48 61 455 1,152 503 1,213
North Vancouver CY 33 58 787 704 820 762
North Vancouver DM 126 125 176 675 302 800
Pitt Meadows CY 11 16 38 2 49 18
Port Coquitlam CY 24 31 433 118 457 149
Port Moody CY 12 24 14 10 26 34
Richmond CY 385 386 1,656 1,440 2,041 1,826
Surrey CY 890 919 3,145 1,874 4,035 2,793
Vancouver CY 1,054 1,143 2,753 6,679 3,807 7,822
West Vancouver DM 129 166 33 61 162 227
White Rock CY 49 41 38 116 87 157
CMA Total 3,909 4,506 13,416 18,603 17,325 23,109

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 233 280 331 580 564 860
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 86 135 5 55 91 190
CMA Total 319 415 336 635 655 1,050

Source: CMHC

Canada

Share...


Print(opens in a new window)