Tuesday, June 10, 2014

Nanaimo Housing Starts May 2014

Housing Starts In Nanaimo November 2013
Housing Starts Up 20 
May 2014 / 2013
Single Detached Up 10 Units
Multiple Starts Off 1 Unit 

Single detached housing starts in Nanaimo increased in May from 20 in 2013 to 30 in 2014 while multi-family units decreased from 25 in 2013 to 24 in 2014 resulting in a combined total of 54 units in 2014 as opposed to 45 units in 2013.

YTD Total Starts Up 20.5%

Year to date single detached increased from 88 in 2013 to 130 in 2014, multi-family decreased from 92 in 2013 to 87 in 2014 for a combined total increase from 180 units in 2013 to 217 units in 2014.

How Nanaimo Compares

The following shows YTD housing start data for comparable urban centres:
  • Chilliwack 247 starts
  • Courtenay   98 starts
  • Kamloops   186 starts
  • Nanaimo    217 starts
  • Pr. George  41 starts
  • Vernon      83 starts
YTD housing start data for larger urban centres
  • Abbotsford-Mission 237 starts
  • Kelowna     404 starts
  • Vancouver  7541 starts
  • Victoria    399 starts

Housing Starts Province Wide


Victoria, June 9, 2014 - Housing starts in British Columbia’s urban areas1 were trending at 26,179 units in May compared to 26,017 in April, according to Canada Mortgage and Housing Corporation(CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates(SAAR)2 of housing starts.

“The stable trend in new home construction is in line with economic fundamentals which include:balanced resale market conditions, modest employment growth and low mortgage interest rates,” said Carol Frketich, CMHC’s BC Regional Economist. “May trend levels for multiple-family and single-detached home starts were relatively unchanged compared to April data.”

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 the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 27,950 units in May, compared to 24,975 units in April.


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