BC Housing Market Showing Signs of Stabilizing Despite Decreased Activity

Canadian housing starts fell by 7.7k (2.8 per cent) to 267.4k units in August at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were up from August of 2021 (2.5 per cent). Single-detached housing starts rose 1 per cent to 73.4k, while multi-family and others declined 4.2 per cent to 194k (SAAR). 

In British Columbia, starts increased by 0.8 per cent in August, rising to 49.5k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 6.7 per cent m/m to 6.7k units while multi-family starts rose 1.6 per cent to 39k units. Starts in the province were 5.7 per cent above the levels from August 2021. Starts were flat month over month in Vancouver, up by 6.5k in Kelowna, and down by 1.3k in Abbotsford and 6.8k in Victoria. The 6-month moving average trend rose 5.4 per cent to 47.1k in BC in August.