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Vancouver Housing Starts Trend Lower

VANCOUVER, February 8, 2017 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 24,597 units in January 2017 compared to 25,956 units in December 2016, 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 in Vancouver trended slightly lower in January, following a record year in 2016,” said Christina Butchart, CMHC’s Regional Economist. “Single family home starts were below typical January figures as builders focused on adding density to the region and on existing projects underway.”

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 16,519 units in January 2017, down from 26,342 units in December 2016 as housing construction decreased across all dwelling types.

Housing starts in the Abbotsford-Mission CMA were trending at 1,301 units in January 2017, up from 890 units in December 2016. The rise in apartment starts offset declines in starts for single family and town homes.

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
jpwilkins@cmhc-schl.gc.ca

Additional data is available upon request.

*SAAR: Seasonally Adjusted Annual Rate

Preliminary Housing Start Data
January 2017
Vancouver CMA1 December 2016 January 2017
Trend2 25,956 24,597
SAAR 26,342 16,519
  January 2016 January 2017
Actual    
Januaryy — Single-detached 367 172
January — Multiples 1,394 1,162
January — Total 1,761 1,334
January to January — Single-detached 367 172
January to January — Multiples 1,394 1,162
January to January — Total 1,761 1,334

Source: CMHC

Preliminary Housing Start Data
January 2017
Abbotsford-Mission CMA1 December 2016 January 2017
Trend2 890 1,301
SAAR 821 3,398
  January 2016 January 2017
Actual    
January — Single-detached 22 17
January — Multiples 121 251
January — Total 143 268
January to January — Single-detached 22 17
January to January — Multiples 121 251
January to January — Total 143 268

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.
Data for 2016 based on 2011 Census Definitions.
Data for 2017 based on 2016 Census Definitions.
Detailed data available upon request

Vancouver CMA Preliminary Actual Housing Starts Data
January / 2016 - 2017
  Singles Multiples Total
  2016 2017 2016 2017 2016 2017
Anmore VL 1 1 0 0 1 1
Belcarra VL 0 0 0 0 0 0
Bowen Island IM 1 1 0 0 1 1
Burnaby CY 42 7 41 44 83 51
Coquitlam CY 23 10 93 21 116 31
Delta DM 5 5 3 0 8 5
First Nations / Premières nations 0 0 0 0 0 0
Greater Vancouver A RDA 0 0 0 105 0 105
Langley CY 0 0 0 0 0 0
Langley DM 24 21 69 64 93 85
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 37 9 58 15 95 24
New Westminster CY 4 2 189 54 193 56
North Vancouver CY 10 0 233 0 243 0
North Vancouver DM 7 13 80 7 87 20
Pitt Meadows CY 1 0 0 0 1 0
Port Coquitlam CY 0 5 10 16 10 21
Port Moody CY 0 0 0 0 0 0
Richmond CY 30 27 7 22 37 49
Surrey CY 75 34 133 623 208 657
Vancouver CY 92 32 478 190 570 222
West Vancouver DM 15 0 0 0 15 0
White Rock CY 0 5 0 1 0 6
CMA Total 367 172 1,394 1,162 1,761 1,334

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
January / 2016 - 2017
  Singles Multiples Total
  2016 2017 2016 2017 2016 2017
Abbotsford CY 16 12 120 251 136 263
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 6 5 1 0 7 5
CMA Total 22 17 121 251 143 268

Source: CMHC
Data for 2016 based on 2011 Census Definitions.
Data for 2017 based on 2016 Census Definitions.

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