November 2015 Housing Starts Trend Higher in Vancouver

VANCOUVER, December 8, 2015 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 21,651 units in November compared to 21,590 units in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

“Starts in November continue to trend at a high level after an active summer and early fall of new construction activity, particularly in the multiple-unit segment,” said Richard Sam, CMHC Principal, Market Analysis for Vancouver. “Lower inventories of newly completed and unsold condominiums have prompted builders to build more homes in the CMA, with the cities of Surrey and Vancouver accounting for just under half of all new homes started year-to-date” said Sam.

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 multiple-unit segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 17,718 units in November, down from 24,760 units in October. Actual year-to-date starts were 7.5 per cent higher than last year’s levels.

Housing starts in the Abbotsford-Mission CMA were trending at 987 units in November, up from 845 units in October. There was an increase in both the single-detached and apartment condominium starts that led to the rising trend. Actual year-to-date starts were 62 per cent above last year’s levels.

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.

1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Follow CMHC on Twitter @CMHC_ca

Media Contact:

Lisa Ono
604-219-7763
lono@cmhc.ca

Additional data is available upon request.

*SAAR: Seasonally Adjusted Annual Rate
Source: CMHC

Preliminary Housing Start Data
November 2015
Vancouver CMA1 October 2015 November 2015
Trend2 21,590 21,651
SAAR 24,760 17,718
  November 2014 November 2015
Actual    
November — Single-detached 382 363
November — Multiples 1,239 1,118
November — Total 1,621 1,481
January to November — Single-detached 4,002 4,272
January to November — Multiples 13,492 14,534
January to November — Total 17,494 18,806

Source: CMHC

Preliminary Housing Start Data
November 2015
Abbotsford-Mission CMA1 October 2015 November 2015
Trend2 845 987
SAAR 649 1,356
  November 2014 November 2015
Actual    
November — Single-detached 17 47
November — Multiples 8 64
November — Total 25 111
January to November — Single-detached 229 366
January to November — Multiples 237 400
January to November — Total 466 766

Source: CMHC

1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR).
Detailed data available upon request

Vancouver CMA Preliminary Actual Housing Starts Data
November / 2014 – 2015
  Singles Multiples Total
  2014 2015 2014 2015 2014 2015
Anmore VL 2 0 0 0 2 0
Belcarra VL 2 0 0 0 2 0
Bowen Island IM 0 0 0 0 0 0
Burnaby CY 25 22 21 28 46 50
Coquitlam CY 15 17 22 28 37 45
Delta DM 18 12 8 5 26 17
First Nations
0 0 0 0 0 0
Greater Vancouver A RDA 0 1 0 0 0 1
Langley CY 3 0 0 127 3 127
Langley DM 22 32 128 125 150 157
Lions Bay VL 0 0 0 0 0 0
Maple Ridge DM 28 10 41 0 69 10
New Westminster CY 11 2 0 2 11 4
North Vancouver CY 10 1 28 1 38 2
North Vancouver DM 9 10 6 2 15 12
Pitt Meadows CY 3 0 0 0 3 0
Port Coquitlam CY 1 0 31 0 32 0
Port Moody CY 4 0 0 0 4 0
Richmond CY 29 56 172 155 201 211
Surrey CY 95 60 389 256 484 316
Vancouver CY 84 122 386 384 470 506
West Vancouver DM 14 10 0 0 14 10
White Rock CY 7 8 7 5 14 13
CMA Total 382 363 1,239 1,118 1,621 1,481

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
November / 2014 – 2015
  Singles Multiples Total
  2014 2015 2014 2015 2014 2015
Abbotsford CY 11 43 8 64 19 107
First Nations 0 0 0 0 0 0
Mission DM 6 4 0 0 6 4
CMA Total 17 47 8 64 25 111

Source: CMHC

Vancouver CMA Preliminary Actual Housing Starts Data
Year to Date / 2014 – 2015
  Singles Multiples Total
  2014 2015 2014 2015 2014 2015
Anmore VL 21 8 0 0 21 8
Belcarra VL 5 0 0 0 5 0
Bowen Island IM 13 17 30 0 43 17
Burnaby CY 337 298 1,223 1,566 1,560 1,864
Coquitlam CY 307 229 1,238 486 1,545 715
Delta DM 138 128 290 478 428 606
First Nations 37 0 0 0 37 0
Greater Vancouver A RDA 10 5 199 460 209 465
Langley CY 14 8 100 127 114 135
Langley DM 215 239 921 879 1,136 1,118
Lions Bay VL 2 0 0 0 2 0
Maple Ridge DM 196 310 334 205 530 515
New Westminster CY 61 50 488 457 549 507
North Vancouver CY 45 34 483 788 528 822
North Vancouver DM 97 136 373 178 470 314
Pitt Meadows CY 13 11 74 38 87 49
Port Coquitlam CY 23 24 349 433 372 457
Port Moody CY 7 12 2 14 9 26
Richmond CY 365 441 2,093 1,811 2,458 2,252
Surrey CY 913 950 2,161 3,401 3,074 4,351
Vancouver CY 986 1,176 3,051 3,137 4,037 4,313
West Vancouver DM 114 139 12 33 126 172
White Rock CY 83 57 71 43 154 100
CMA Total 4,002 4,272 13,492 14,534 17,494 18,806

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
Year to Date / 2014 – 2015
  Singles Multiples Total
  2014 2015 2014 2015 2014 2015
Abbotsford CY 115 276 237 395 352 671
First Nations 0 0 0 0 0 0
Mission DM 114 90 0 5 114 95
CMA Total 229 366 237 400 466 766

Source: CMHC

Canada

Share...


Print(opens in a new window)