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Metro Vancouver* home sales dipped below the longterm historical average in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.

Last month’s sales were 14.4 per cent below the 10-year February sales average. By property type, detached sales were down 39.4 per cent over the same period, attached sales were down 6.8 per cent, and apartment sales were 5.5 per cent above the 10-year February average.

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said.

“Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

There were 4,223 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2018. This represents a 15.2 per cent increase compared to the 3,666 homes listed in February 2017 and an 11.2 per cent increase compared to January 2018 when 3,796 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,822, a three per cent increase compared to February 2017 (7,594) and a 12.6 per cent increase compared to January 2018 (6,947).

“The spring is traditionally the busiest time for home buyers and sellers in our market. We’ll wait to see how they react to the taxes and other policy measures that our provincial and federal governments have introduced so far this year,” Oudil said. “To help you navigate these changes in today’s housing market, it’s important to work with your local REALTOR®.”

For all property types, the sales-to-active listings ratio for February 2018 is 28.2 per cent. By property type, the ratio is 13 per cent for detached homes, 37.6 per cent for townhomes, and 59.7 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,071,800. This represents a 16.9 per cent increase over February 2017 and a 1.4 per cent increase compared to January 2018.

Sales of detached properties in February 2018 reached 621, a 16.6 per cent decrease from the 745 detached sales recorded in February 2017. The benchmark price for detached properties is $1,602,000. This represents an 8.2 per cent increase from February 2017 and is virtually unchanged from January 2018.

Sales of apartment properties reached 1,185 in February 2018, a 7.1 per cent decrease compared to the 1,275 sales in February 2017. The benchmark price of an apartment property is $682,800. This represents a 27.2 per cent increase from February 2017 and a 2.6 per cent increase compared to January 2018.

Attached property sales in February 2018 totalled 401, a 0.7 per cent decrease compared to the 404 sales in February 2017. The benchmark price of an attached unit is $819,200. This represents an 18.1 per cent increase from February 2017 and a 1.9 per cent increase compared to January 2018.

*Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.
The Real Estate Board of Greater Vancouver is an association representing more than 14,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

Gorgeous Mountain Views

Desirable Family Neighborhood

Price at $1,198,800

Open: Sat Mar 3 from 2 to 4

Spectacular Mountain & City Views! A perfect home offering something for everyone. You won’t be disappointed! Located in popular family neighbor, The Crest of Burnaby. Directly across from Cariboo park, this lovely, well cared for 4bed/2bath/2142sqft home is a must see. Features: original cedar floors, wood burning F/P, coffered ceilings, lovely gardens w/patio, a good-sized sundeck & a tranquil backyard. Enjoy the fully finished basement w/separate entrance; easily suited. Benefit from: hi-efficiency furnace, newer H/W tank, re-plumbed, 10yr roof, 15yr PCV drain tile, upgrade attic insulation, leaf-guard gutters & more. Walking distance: all levels of schools, transit & amenities. Easy Hwy access. Act Now! OPEN HOUSE Mar 3 from 2 to 4.

One University Crescent-1188 SQ.FT., Stunning luxury 2 Bedroom & Den(could easily be a 3rd Bedroom) & 2 full bath unit will impress the most discerning of buyers. This is a 10+ unit with East -West orientation featuring 2 spacious Front and Back decks with spectacular view vistas from Port Moody to Mt. Baker. Fantastic layout with top of the lines finishes and fixtures. Living on SFU lands, you will have the privilege of accessing the intellectual, social, cultural and recreational diversity of one of Canada's finest Universities, with access to the university library, indoor pool and tennis courts. The village boasts a wide variety of shops, restaurants and services.

Listing Offered By: Re/Max Real Estate Services

Shows Well

Excellent Layout

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Price at $564,800

Family friendly Pitt Meadows rowhome in popular Coho II complex by Mosaic Homes. Bright, spacious & a functional layout. You won't be disappointed! This 2bed/2bath/1513sqft home has an open living/dining/kitchen layout on the main level, 9ft ceilings, SS apps, large kitchen w/plenty of cupboard & counter space & balcony. Upstairs: large master w/3pc ensuite, well sized 2nd bed, 4pc bath, lots storage & conveniently located laundry. Down: open den + flex space & single car garage. Bonus: extra parking spot & street parking out front. The location can't be beat: walking distance to shops & services/amenities, biking & walking trails, the shores of Fraser River & minutes to Golden Ears bridge. Act Now! Call for your private viewing.

Vancouver/Shutterstock 

As part of Budget 2018, which is also the BC NDP provincial government’s first, BC Minister of Finance Carole James announced a number of taxation changes on residential properties, which she said are meant to further address the housing crisis in BC.

See also

• BUDGET 2018: MSP Premiums in BC will be eliminated starting in 2020
• BUDGET 2018: BC to provide $450 million to build 5,000 new student housing beds
• BUDGET 2018: 86,000 families to receive up to $1,250 per month for childcare
• BUDGET 2018: BC commits $6.5 billion to build 114,000 affordable homes

The first change takes effect almost immediately, tomorrow Wednesday, February 21 in fact, the provincial government will be raising the existing foreign buyers tax (FBT) from 15% to 20%.

This FBT, implemented by the previous provincial government, is currently only in effect in Metro Vancouver.

However, in addition to increasing the tax by 5%, the FBT will also now be expanded to BC’s other major urban areas namely the Fraser Valley, Greater Victoria, Nanaimo, and Central Okanagan Region.

As well, to target the upscale real estate market, the regular property transfer tax for residential properties valued at over $3 million will go up from 3% to 5%.

“Increasing the tax should help to deter those speculating in BC’s housing market,” said James during today’s budget speech. “Extending it to other communities ensures that we don’t simply push the speculation into neighbouring communities.”

Speculation tax announced

In addition to the FBT increase, the provincial government announced it will be enacting a new annual speculation tax (ST) on residential property targeting foreign and domestic homeowners – including those who leave their properties vacant.

This includes taxing satellite families, which are households with high worldwide income but that pay little income tax in BC.

The ST will be directly collected by the provincial government and begins during the 2018 tax year, with rates starting at $5.00 per $1,000 of assessed value.

In 2019, this rate will increase to $20 per $1,000 per assessed value.

Put in context, this means that a home valued at $500,000, for example, will pay an additional property tax of $2,500 in 2018 and $10,000 in 2019.

However, for those who pay BC’s income tax, a non-refundable income tax credit will be made available to offset the new property tax being introduced.

“BC’s real estate market should not be used as a stock market,” continued James. “This will penalize people parking their capital in our housing market simply to speculate, driving up prices and removing rental stock.”

Other tax increases include an uptick of the provincial school tax on homes worth over $3 million and charging the 8% PST and up to 3% of municipal taxes on short-term rentals, namely Airbnb.

Loopholes that currently allow contract assignments in the condo pre-sale market – the selling and re-selling of a condo unit multiple times before the property is ready for occupation – and hidden property ownership will be closed.

There will also be a change in the property tax treatment of residential properties located within the Agricultural Land Reserve, to discourage the growing practice of using farmland for large homes or mansions.

James said new revenues generated by these tax changes will fund the provincial government’s ambitious $6.5-billion affordable housing plan.

During the 2019-20 fiscal year, forecasts show the new ST will add $200 million, increases and expansions to the foreign buyers tax and property transfer tax will add $40 million, increases to the school tax on residential properties will add $81 million, and the PST on short-term rentals will add $16 million.

These changes to tax policy on residential real estate – part of an overarching 30-point housing plan – supplement the provincial government’s housing affordability strategy of moving forward with a multi-billion dollar plan to build 114,000 units of affordable housing over the coming decade.

Provided by: Kenneth Chan with The Daily Hive

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Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018.

Highlights:

• National home sales declined by 14.5% from December 2017 to January 2018.
• Actual (not seasonally adjusted) activity was down 2.4% year-over-year (y-o-y) in January.
• The number of newly listed homes plunged 21.6% from December 2017 to January 2018.
• The MLS® Home Price Index (HPI) in January was up 7.7% y-o-y.
• The national average sale price advanced by 2.3% y-o-y.

Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to the highest monthly level on record in December. Although activity retreated to the lowest monthly level in three years, January sales were on par with the 10-year monthly average.

Activity in January was down in three-quarters of all local markets in Canada, including virtually all major urban centres. Many of the larger declines in percentage terms were posted in Greater Golden Horseshoe (GGH) markets, where sales had picked up late last year following the announcement of tighter mortgage rules coming into effect in January.

Actual (not seasonally adjusted) activity was down 2.4% from January 2017 and stood close the 10-year average for the month of January. Sales came in below year-ago levels in about half of all local markets, led by those in the GGH region. By contrast, sales were up on a y-o-y basis in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Edmonton, Montreal, Greater Moncton and Halifax-Dartmouth.

“The piling on of yet more mortgage rule changes that took effect starting New Year’s Day has created homebuyer uncertainty and confusion,” said CREA President Andrew Peck. “At the same time, the changes do nothing to address government concerns about home prices that stem from an ongoing supply shortage in major markets like Vancouver and Toronto. Unless these supply shortages are addressed, concerns will persist,” he added. “A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times,” said Peck.

“The decline in January sales provides clear evidence that the strength in activity late last year reflected a pull-forward of transactions, as rational homebuyers hurried to purchase before mortgage rules changed in 2018,” said Gregory Klump, CREA’s Chief Economist. “At the same time, a large decline in new listings prevented market balance from shifting in favour of homebuyers.”

The number of newly listed homes plunged 21.6% in January to reach the lowest level since the spring of 2009. New supply was down in about 85% of all local markets, led by a sizeable decline in the GTA. Large percentage declines were also recorded in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, London and St. Thomas, Kingston and Ottawa, closely mirroring the list of markets that saw the largest sales declines in January.

With new listings having fallen by more than sales, the national sales-to-new listings ratio tightened to 63.6% in January compared to the mid-to-high 50% range to which it held since last May.

A national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively. That said, the balanced range can vary among local markets.

For that reason, considering the degree and duration that market balance is above or below its long-term average is a better way of gauging whether local housing market conditions favour buyers or sellers. Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions.

Based on a comparison of the sales-to-new listings ratio with its long-term average, a little over half of all local markets were in balanced market territory in January 2018. The ratio in many markets moved one standard deviation or more above its long-term average in January due to large declines in new supply.

The number of months of inventory is another important measure for the balance between housing supply and demand. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 5 months of inventory on a national basis at the end of January 2018, which is close to the long-term average of 5.2 months.

The Aggregate Composite MLS® HPI rose by 7.7% y-o-y in January 2018. This was the 9th consecutive deceleration in y-o-y gains, continuing a trend that began last spring. It was also the smallest y-o-y increase since December 2015.

The deceleration in y-o-y price gains largely reflects trends among GGH housing markets tracked by the index. While prices in the region have largely stabilized in recent months, ongoing deceleration in y-o-y comparisons reflects the rapid rise in prices one year ago.

Apartment units again posted the largest y-o-y price gains in January (+20.1%), followed by townhouse/row units (+12.3%), one-storey single family homes (+4.3%), and two-storey single family homes (+2.3%).

As was the case in December, Benchmark home prices in January were up from year-ago levels in 9 of the 13 markets tracked by the MLS® HPI.

Composite benchmark home prices in the Lower Mainland of British Columbia continue to trend higher after having dipped briefly during the second half of 2016 (Greater Vancouver: +16.6% y-o-y; Fraser Valley: +22.4% y-o-y). Apartment units have been driving this regional trend in recent months, with single family home prices having stabilized.

Benchmark home prices rose by about 14% on a y-o-y basis in Victoria and by about 20% elsewhere on Vancouver Island. These gains are similar to those recorded during the fourth quarter of last year.

Price gains have slowed considerably on a y-o-y basis in the GTA, Guelph and Oakville-Milton; however, home prices in the former two markets remain above year-ago levels (GTA: +5.2% y o-y; Guelph: +10.9% y-o-y; Oakville-Milton: -1.2% y-o-y). Monthly prices in these markets have shown signs of stabilizing in recent months after having climbed rapidly in early 2017 and subsequently retreated.

Calgary benchmark home prices were down slightly (-0.5% y-o-y), as were home prices in Regina and Saskatoon (-4.9% y-o-y and -4.1% y-o-y, respectively).

Benchmark home prices rose by 7.2% y-o-y in Ottawa (led by an 8.1% increase in two-storey single family home prices), by 5.2% in Greater Montreal (led by a 6.2% increase in in two-storey single family home prices) and by 7.5% in Greater Moncton (led by an 11% increase in one-storey single family home prices).

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average price for homes sold in January 2018 was just over $481,500, up 2.3% from one year earlier. The national average price is heavily skewed by sales in Greater Vancouver and Greater Toronto, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims $107,500 from the national average price, reducing it to $374,000.

Provided by:

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month. 

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. 

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale. 

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.

The British Columbia Real Estate Association (BCREA) reports that a total of 5,306 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in January, an increase of 18.3 per cent from the same period last year. The average MLS® residential price in BC was $721,477, up 16.2 per cent from the previous year. Total sales dollar volume was $3.83 billion, a 37.4 per cent increase from January 2017.

“BC home sales dipped 10 per cent from December to January, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “New mortgage rules requiring conventional borrowers to qualify at a higher interest rate likely contributed to the decline in home sales last month. The impact was magnified by a strong December as many households advanced their purchase decisions ahead of the policy’s implementation.” Despite the decline in January transactions, the seasonally adjusted annual rate of home sales was 101,800 units.

Compared to January 2017, market conditions tightened in all BC board areas except Victoria, where the sales-to-active listings ratio declined from 46.3 per cent to 40.5 per cent. Despite this decline, Victoria remains in strong sellers’ market territory. Total active listings in the province were down 8.6 per cent to 20,901 units, compared to the same period last year.

January 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

* Numbers may not add due to rounding

January 2018 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board

*Numbers may not add due to rounding

January 2018 BC Residential Multiple Listing Service® Data by Board

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

Provided by: BCREA

BCREA is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

Summary Findings:

•Our analysis indicates that the BC HOME Partnership program (HPP) contributed to an annualized increase of 0.55 per cent to the market price of an apartment and an increase of 0.57 per cent to the market price of a townhouse in Metro Vancouver over the first threequarters of 2017.

• The HPP either paid or approved a total 1,395 transactions as of September 2017. This represented 1.7 per cent of total BC home sales and 0.9 per cent of the dollar volume.

• Approximately one-third of the HPP paid or approved transactions occurred in Metro Vancouver, comprising 1.2 per cent of total home sales.

• Nearly all the HPP paid or approved transactions (96%) in Metro Vancouver were for apartments or townhouses.
Analysis:

In December 2016, the BC government announced the creation of the BC HOME Partnership program (HPP) to provide down-payment assistance for prospective BC homebuyers. The assistance was in the form of a second loan that is interest and payment-free for the first 5 years, with interest accruing and principal/interest payments beginning in the 6th year. Using program data provided by BC Housing, we analyzed the impact of HPP on home prices over its first nine months.

As of September 2017, the HPP either paid or approved 1,395 transactions representing 1.7 per cent of total BC home sales and 0.9 per cent of dollar volume. Those purchases were widely dispersed around the province with BC’s four largest cities accounting for close to half of purchases facilitated through the program.

Approximately one-third of total HPP transactions by count and 40 per cent by dollar volume were in the Metro Vancouver area, accounting for 1.2 per cent of total home sales. The next highest participating region was Victoria, which accounted for just 6 per cent of the total HPP transactions.

In Metro Vancouver, the typical successful HPP applicant was as expected. Most were relatively young first-time homebuyers, purchasing homes within their financial means. The median buyer in the first nine months of the program was 33 years of age with an income of about $82,800. The median home price of HPP funded purchases was $415,000, with a down payment of 10 per cent, half of which was provided through the HPP. Approximately 30% of those buyers in Metro Vancouver had less than the 5 per cent down payment required before accessing the HPP funds. Of the total number of HPP funded purchases in Metro Vancouver, about 96 per cent were in the apartment or townhouse segment of the market, which is the focus of our impact analysis.

Our analysis indicates that the HPP was helpful to many homebuyers, but not popular enough to cause a significant impact on market conditions, given the program timing coincided with already constrained supply conditions. As an analytical framework, we incorporated a measure of market conditions known as the sales-to-active listing ratio (SALR). This ratio captures the relative balance between supply and demand in a housing market. Using this simple but powerful framework, the relationship between home sales and the supply of homes on the market is directly linked to changes in the market price of homes.

A very high SALR typically means that supply is falling short of demand and that home buyers are bidding up home prices. A very low SALR typically brings declining home prices as excess supply causes home sellers to bid down their asking price to attract a relatively scarce number of home buyers. To account for the impact of the HPP, we control for what the sales-toactive listings ratio would likely have been without the HPP. In effect, home sales (demand) would be lower while the number of homes for sale (supply) would be higher, resulting in a lower SALR and, therefore, slower growth in prices.

For example, from January to September 2017, the sixmonth trend in the Metro Vancouver apartment SALR was 65.4 per cent. At this level, the SALR model would predict annual apartment price growth of approximately 18.6 per cent. Adjusting for the impact of the HPP by pulling out those transactions and adding back the supply, the SALR would fall to 62.3 per cent, a level that correlates with an annual home price growth of approximately 18.06 per cent. This suggests that the annualized impact of the HPP on Metro Vancouver apartment prices was about 0.55 per cent over the period.

Similarly, in the townhouse segment, we estimate that without transactions through the HPP, growth in home prices would have been reduced by 0.57 per cent on an annual basis. This analysis incorporates the most liberal assumption that all successful HPP applicants would not have purchased a home without the added assistance of the program. Even under this discipline, we find the program was not a significant driver of price appreciation in the Metro Vancouver housing market.

Provided by: BCREA

"Copyright British Columbia Real Estate Association. Reprinted with Permission"

The trend in housing starts was 224,865 units in January 2018, compared to 226,346 units in December 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The national trend in housing starts held steady for a third consecutive month in January, remaining near the 10-year high set in December,” said Bob Dugan, CMHC’s chief economist. “This reflects higher starts of multi-unit dwellings in urban centres in recent months, which has offset lower starts of single-detached homes.”

Monthly highlights

Vancouver

Starts for all home types in the Vancouver CMA trended up in January, reaching a pace nearly double that of the same month last year. There were 2,599 housing starts across the region in January of 2018, as opposed to 1,334 in January of 2017. The North Shore was a particular hotspot for activity this month as a number of condominium and rental multi-family units got underway.

Kelowna

Housing starts in the Kelowna CMA saw an increase in January 2018, totaling 87 units, compared with 51 units in the same month last year. The increase was supported by new rental units getting underway, continuing with the trend seen throughout 2017. New housing construction, particularly for multi-unit dwellings, continues to be supported by strong population growth and a robust labour market.

Edmonton

Housing starts in the Edmonton CMA have been trending lower since peaking in July of last year. On a month-over-month seasonally-adjusted basis, single-family starts were up 2% in January compared to December while multi-family starts were up 38%. Much of the increase in multi-family construction was due to an increase in the apartment segment where inventory levels remain elevated.

Lethbridge

Total housing starts in Lethbridge increased in the first month of 2018 compared to January 2017 with gains in both the single-detached and multiples segments. However, despite the year-over-year increase, both the trend and the SAAR recorded declines in January compared to the previous month. Declining employment in the region through 2017 has reduced demand for housing and has impacted the pace of new home construction.

Guelph

January 2018 saw the highest number of apartment starts for any January since 1991. Since 2012, the proportion of single-detached and row starts lessened on a year-over-year basis as more apartments were built. Strong starts for apartment units in recent years can be partly attributed to rising costs of homeownership, rising immigration of young professionals to the area, and strong employment.

Toronto

For the second month in a row, housing starts in the Toronto CMA trended slightly lower. An increase in apartment starts partially offset the decline in single-detached housing starts. Increased supply in the resale market has resulted in less demand for new single-detached homes. Meanwhile new condominiums remain in high demand as home buyers flock to relatively lower priced homes, and investors seek to capitalize on low vacancy rates and increasing rents.

Barrie

Total starts trended higher in January, driven primarily by an influx of row unit starts in both the Town of Innisfil and the City of Barrie. Land scarcity in popular areas and affordability concerns have encouraged row unit construction, which saw the highest starts in 2017 since 1999. Strong labour market conditions and population growth remain supportive of the demand for new housing units going into 2018.

Kingston

The trend in Kingston CMA total housing starts has declined slightly for four consecutive months, after having been pulled up by high numbers of rental apartment starts in June 2017. This pullback is likely temporary, since high demand in the resale market and robust demand for rental accommodations point to a need for new supply.

Gatineau

In January, the number of new housing units that got under way was fairly high relative to the last few years, thanks to the construction of many units intended for the condominium market. The stronger housing demand and tighter resale market are therefore continuing to support residential construction in the area.

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 Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.

The standalone monthly SAAR of housing starts for all areas in Canada was 216,210 units in January, essentially unchanged from 216,275 units in December. The SAAR of urban starts increased slightly by 0.2% in January to 198,400 units. Multiple urban starts essentially held steady at 134,685 units in January while single-detached urban starts increased by 0.6% to 63,715 units.

Rural starts were estimated at a seasonally adjusted annual rate of 17,810 units.

Preliminary Housing Starts data are also available in English and French through our website and through CMHC’s Housing Market Information Portal. Our analysts are also available to provide further insight into their respective markets.

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.

Provided by: CMHC