Thursday, July 10, 2014

Nanaimo Housing Starts - June 2014

Housing Starts In Nanaimo November 2013
Housing Starts Up 96 
June 2014 / 2013
Single Detached Up 14 Units
Multiple Starts Up 10 Unit 

Single detached housing starts in Nanaimo increased in June from 20 in 2013 to 34 in 2014 while multi-family units increased from 5 in 2013 to 15 in 2014 resulting in a combined total of 49 units in 2014 as opposed to 25 units in 2013.

YTD Total Starts Up 30%

Year to date single detached increased from 108 in 2013 to 164 in 2014, multi-family increased from 97 in 2013 to 102 in 2014 for a combined total increase from 205 units in 2013 to 266 units in 2014.

How Nanaimo Compares

The following shows YTD housing start data for comparable urban centres:
  • Chilliwack 320 starts
  • Courtenay  117 starts
  • Kamloops   228 starts
  • Nanaimo    266 starts
  • Pr. George  58 starts
  • Vernon      95 starts
YTD housing start data for larger urban centres
  • Abbotsford-Mission 256 starts
  • Kelowna     545 starts
  • Vancouver  9110 starts
  • Victoria    596 starts

Housing Starts Province Wide


Vancouver, July 9, 2014 - Housing starts in British Columbia’s urban areas1 were trending at 25,449 units in June compared to 26,133 in May, 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.

“In June, the trend level of housing starts edged lower following May’s increase,” said Sarena Teakles, CMHC Senior Market Analyst. “The trend level of single-detached home starts was virtually unchanged from the previous month, as were semi-detached and row home starts. Apartment starts resumed a moderating trend as builders adjusted starts activity to take into account existing inventory of new completed and unabsorbed units.”

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 26,675 units in June, compared to 28,078 units in May.


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