Cameron Muir, chief economist for BCREA just provided us with a market update...A little bit of good news going into the winter!



Housing Starts - October 11, 2011

Canadian housing starts in increased in September, climbing to 7 per cent to a seasonally adjusted annual rate of 205,900 units. New home construction in BC also increased, rising 18.5 per cent from last month to a seasonally adjusted annual rate of 27,400 units.  Total third quarter housing starts in BC were 6,844 compared with 6,316 starts in the third quarter of last year. New home construction continues to be centered around multi-family units which accounted for 68 per cent of total starts in the third quarter.

Housing starts rose 8.5 per cent in Vancouver compared with September 2010 due to a 15 per cent increase in multi-family construction and a 12 per cent decline in single-family starts. New home construction in Abbotsford tumbled 33 per cent in comparison to August of last year. Housing starts in Victoria rose 5.6 per cent with both single family and multi-family starts running ahead of September 2010. New home construction in Kelowna fell 20 per cent year over year due to weak activity in the multi-family sector. Construction activity also slowed in the North, with housing starts in Prince George half what they were last September.

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