February 2016 Vancouver Housing Starts Reach Their Highest Level in 25 Years

VANCOUVER, March 8, 2016 — Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 24,244 units in February compared to 20,825 units in January, 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.

“With declining inventory of new homes on the market and strong activity in the resale market, developers ramped up housing starts of single-detached and multiple-family homes this month,” said Richard Sam, Market Analyst. “The actual monthly number of housing starts in the Vancouver CMA was the highest recorded over the past 25 years,” added 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 multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 37,233 units in February, up from 22,213 units in January. The increase was driven by a pick-up in single-detached, semi-detached and apartment starts.

Housing starts in the Abbotsford-Mission CMA were trending at 1,406 units in February, up from 1,208 units in January due to an increase single-detached and 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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

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
February 2016
Vancouver CMA1 January 2016 February 2016
Trend2 20,825 24,244
SAAR 22,213 37,233
  February 2015 February 2016
Actual    
February — Single-detached 327 429
February — Multiples 715 2,595
February — Total 1,042 3,024
January to February — Single-detached 630 796
January to February — Multiples 1,724 3,989
January to February— Total 2,354 4,785

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
February / 2015 - 2016
  Singles Multiples Total
  2015 2016 2015 2016 2015 2016
Anmore VL 0 3 0 0 0 3
Belcarra VL 0 1 0 0 0 1
Bowen Island IM 0 0 0 0 0 0
Burnaby CY 24 21 62 875 86 896
Coquitlam CY 17 46 61 242 78 288
Delta DM 10 9 31 41 41 50
First Nations / Premières nations 0 14 0 0 0 14
Greater Vancouver A RDA 0 0 0 0 0 0
Langley CY 0 0 0 0 0 0
Langley DM 22 13 25 52 47 65
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 34 46 12 34 46 80
New Westminster CY 2 10 0 9 2 19
North Vancouver CY 2 5 64 4 66 9
North Vancouver DM 10 10 1 8 11 18
Pitt Meadows CY 2 2 12 0 14 2
Port Coquitlam CY 3 7 4 6 7 13
Port Moody CY 1 2 0 7 1 9
Richmond CY 36 23 20 294 56 317
Surrey CY 60 85 103 130 163 215
Vancouver CY 95 110 319 890 414 1,00
West Vancouver DM 8 19 0 0 8 19
White Rock CY 1 3 1 3 2 6
Vancouver CMA Total 327 429 715 2,595 1,042 3,024

Source: CMHC

Abbotsford – Mission CMA Preliminary Actual Housing Starts Data
February / 2015 - 2016
  Singles Multiples Total
  2015 2016 2015 2016 201 201
Abbotsford CY 6 33 94 73 100 106
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 10 41 0 17 10 58
CMA Total 16 74 94 90 110 164

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 0 4 0 0 0 4
Belcarra VL 0 1 0 0 0 1
Bowen Island IM 0 1 0 0 0 1
Burnaby CY 39 63 72 916 111 979
Coquitlam CY 34 69 78 335 112 404
Delta DM 22 14 35 44 57 58
First Nations / Premières nations 0 14 0 0 0 14
Greater Vancouver A RDA 1 0 77 0 78 0
Langley CY 0 0 0 0 0 0
Langley DM 43 37 132 121 175 158
Lions Bay VL 0 0 0 0 0 0
Maple Ridge CY 63 83 26 92 89 175
New Westminster CY 4 14 0 198 4 212
North Vancouver CY 3 15 179 237 182 252
North Vancouver DM 18 17 33 88 51 105
Pitt Meadows CY 4 3 20 0 24 3
Port Coquitlam CY 3 7 42 16 45 23
Port Moody CY 2 2 0 7 2 9
Richmond CY 53 53 386 301 439 354
Surrey CY 123 160 186 263 309 423
Vancouver CY 191 202 457 1,368 648 1,570
West Vancouver DM 24 34 0 0 24 34
White Rock CY 3 3 1 3 4 6
CMA Total 630 796 1,724 3,989 2,354 4,785

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 13 49 95 193 108 242
First Nations / Premières nations 0 0 0 0 0 0
Mission DM 13 47 0 18 13 65
CMA Total 26 96 95 211 121 307

Source: CMHC

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