We take a close look at housing start trends across the country.
Across the country, the housing starts trend decreased to 195,640 units in August compared to 201,379 in July, according to Canada Mortgage and Housing Agency.
"Housing starts declined in August, as construction of multi-unit dwellings slowed in most regions, led by lower activity in Alberta and Manitoba” Bob Dugan, CMHC Chief Economist, said. "However, housing market activity levels remain elevated and this decline in starts is the market's response to increasing levels of supply. Multi-unit inventories are above average in several major markets across the country."
Things get more interesting, however, when you take a look at housing starts on a more granular, province-by-province level.
B.C.’s housing starts increased by 28% in August, up to 2,885.
Kelowna led the way with a 132% year-over-year jump in starts, with a total of 218 last month. Vancouver’s starts, meanwhile, jumped 40% year-over-year to 2,053 in August.
Alberta’s starts fell 43% to 1,653 last month.
Unsurprisingly, Edmonton’s housing starts dropped by 51% to 638 in August; Calgary’s also fell. It reported 742 starts (-35%).
Total housing starts jumped by 54% year-over-year in August to 494. Regina saw a 74% uptick (252 total starts).
The “Land of 100,000 Lakes” had steady year-over-year housing performance last month, with a slight (+1%) change. It saw 403 homes started in August.
That trend was mirrored in Winnipeg, which saw no change in its housing starts. It reported a total of 368 last month.
Ontario had over 2,000 less starts in August of this year than it did last, with a total of 6,400 (-24%).
Toronto’s starts followed that trend, with a 36% slash to starts (3,546).
Single-detached homes, however, saw a 9% spike, with 1,183 starts. All others fell by 47% to 2,636.
Quebec’s starts held fairly steady, with a 9% drop (2,204).
Atlantic Provinces saw a collective 17% drop, with 515 home starts in August.