We’re seeing a shift in Canada’s housing starts as the 6-month trend edged down by about 1% month-over-month in mid-Q3 to roughly 244,000 annualized units. The monthly annualized pace held steady around 229,000. For those keeping an eye on larger Canadian centres, actual housing starts came in at 17,700 for mid-Q3—a 2% decrease compared to last year. That brings the total for the first eight months of the year to 149,500, down about 4%. Homes under construction in cities with over 50,000 people slipped less than 1% month-over-month to 371,700 units, which still points to a robust pipeline, even as things cool slightly. Meanwhile, completions saw a more notable drop of 11% month-over-month to 17,600 units. Permits approved but not yet started ticked up a fraction to 142,400, suggesting there are still future projects in the queue. The overall national outlook notes that while starts are still high compared to recent years, we can expect this moderation in construction to continue toward the year’s end. As someone who’s worked with clients across Greater Vancouver in a range of market conditions, I’m always watching these trends closely to help keep you informed about where our real estate market is heading.
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