Canada’s Housing Start Data Reveals The Unexpected
Canada’s latest housing start data evinces what seems to be our largest monthly gain since February 1983. If you’re an investor and own a house in any of the housing markets, the CMHC preliminary housing starts data will do enough justice to show how markets performed across the country.
B.C. experienced a 133% year-over-year increase, delivering a total number of 4,046 housing starts in February. This is mostly accountable to the increase in accommodation statistics.
Its markets also saw a boom in their housing start with Victoria posting 222 starts in February which is a 46% increase over the years.
Vancouver also saw a 190% increase over 3,024 starts and Kelowna with a 253% increase of 311 starts.
Unfortunately for this well-known ‘Energy’ province, it witnessed a 50% decrease in housing starts, hitting a 1,596 start in February.
Its two provinces with the biggest markets felt this decline with Calgary experiencing a 26% decrease in starts and Edmonton a 67% drop.
Although this province had a total of 245 homes started in February, it encountered a 22% decrease.
However, this was not felt in Regina where 102 starts occurred, making a 92% increase.
A total of 267 homes were started in Manitoba over the last month pushing it to a 53% yearly increase.
Winnipeg also had 255 starts, boasting a yearly 57% jump yearly.
This province proudly has an increase in starts throughout its city markets with a total of 4,714 homes built in February and thereby delivering an 86% yearly increase.
Toronto took third place in starts with 3,402 housing starts in the last month, buttressing a 105% yearly increase.
Kitchener-Waterloo displayed a 240% boom with 303 housing starts and Hamilton taking the lead with 194 starts, thus making a 246% jump.
Proving an 80% yearly increase, La Belle Province had 1,767 housing starts. Montreal also saw 1,114 housing starts placing it at a 201% increase.
Provinces in the east-coast proved their worth and consistency with a 245% increase year-over-year, reporting a total of 338 housing starts.