Less Multi-Unit Construction Drives Vancouver Housing Starts Down in January 2016

VANCOUVER, February 8, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 20,790 units in January 2016 compared to 21,659 units in December 2015, 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.

“Despite an increase in single-detached starts, Vancouver saw a decrease in multi-unit construction, prompting housing starts to trend lower in the region compared to last month,” said Richard Sam, CMHC Principal Market Analyst for Vancouver. “Despite the downward trend, actual housing starts in the CMA surpassed what is usually expected for January, figuring above the 10-year historical average for actual starts during the month,” he added.

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 22,102 units in January 2016, down from 25,199 units in December 2015, mainly due to a decrease in multiple starts.

Housing starts in the Abbotsford-Mission CMA were trending at 1,204 units in January 2016, up from 1,024 units in December 2015. Actual starts were 143 units, higher than the 11 units in January 2015 based on new apartment condominium 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.

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Media Contact:

Lisa Ono
604-737-4022
lono@cmhc.ca

Additional data is available upon request.

*SAAR: Seasonally Adjusted Annual Rate
Source: CMHC

Preliminary Housing Start Data
January 2016
Vancouver CMA1 December 2015 January 2016
Trend2 21,659 20,790
SAAR 25,199 22,102
  January 2015 January 2016
Actual    
January — Single-detached 303 367
January — Multiples 1,009 1,394
January — Total 1,312 1,761
Preliminary Housing Start Data
January 2016
Abbotsford-Mission CMA1 December 2015 January 2016
Trend2 1,024 1,204
SAAR 618 1,867
  January 2015 January 2016
Actual    
January — Single-detached 10 22
January — Multiples 1 121
January — Total 11 143

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
January / 2015 - 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 0 1 0 0 0 1
Belcarra VL 0 0 0 0 0 0
Bowen Island IM 0 1 0 0 0 1
Burnaby CY 15 42 10 41 25 83
Coquitlam CY 17 23 17 93 34 116
Delta DM 12 5 4 3 16 8
First Nations / Premières nations 0 0 0 0 0 0
Greater Vancouver A RDA 1 0 77 0 78 0
Langley CY 0 0 0 0 0 0
Langley DM 21 24 107 69 128 93
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 29 37 14 58 43 95
New Westminster CY 2 4 0 189 2 193
North Vancouver CY 1 10 115 233 116 243
North Vancouver DM 8 7 32 80 40 87
Pitt Meadows CY 2 1 8 0 10 1
Port Coquitlam CY 0 0 38 10 38 10
Port Moody CY 1 0 0 0 1 0
Richmond CY 17 30 366 7 383 37
Surrey CY 63 75 83 133 146 208
Vancouver CY 96 92 138 478 234 570
West Vancouver DM 16 15 0 0 16 15
White Rock CY 2 0 0 0 2 0
CMA Total 303 367 1,009 1,394 1,312 1,761

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
January / 2015 - 2016
  Singles Multiples Total
  2015 2016 2015 2016 201 201
Abbotsford CY 7 16 1 120 8 136
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 3 6 0 1 3 7
CMA Total 10 22 1 121 11 143

Source: CMHC

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