Oshawa, PEI, Victoria hot spots for housing starts
While Canada-wide housing starts hit the seasonally adjusted highest level in nearly five years, June data shows some markets are out-performing the national average.
Oshawa posted a record level of seasonally-adjusted starts in June, with the construction pace nearly three times higher than the average over the past three years. While all housing types saw increases in June, the row and apartment segments were the clear leaders. “Price-weary buyers from the Toronto CMA continue to fuel demand for new homes in Oshawa,” noted Canada Mortgage and Housing Corp. (CMHC) as it released the June numbers.
Prince Edwards Island’s housing starts also trended up during June. Starts of single-family houses during the first six months were up 97 per cent compared to the same period in 2016.
While British Columbia reported lower starts this year compared to the record pace of 2016, Victoria’s multi-unit construction remains 30 per cent above the five-year average
Total housing starts trend in the Toronto Census Metropolitan Area (CMA) remained virtually unchanged in June compared to the previous month.
In Vancouver, housing starts trended downwards in June, driven by a decrease in apartment starts. In the first six months of 2017, there were 880 condo apartment starts in the City Vancouver, compared with 3,290 in the first half of 2016.
Nationally, the monthly seasonally adjusted average rate (SAAR) of housing starts for all areas in Canada was 212,695 units in June, up from 194,955 units in May. The SAAR of urban starts increased by 9.6 per cent to 194,773 units. Multiple urban starts increased by 9.4 per cent to 127,944 units, and single-detached urban starts increased by 10.1 per cent, to 66,829 units.
Rural starts were estimated at a seasonally adjusted annual rate of 17,922 units, CMHC reports.