Housing starts posted their largest monthly gain since 1983 in February, but how did markets across the country fair, according to CMHC’s preliminary housing start data?
B.C. saw 4,046 total housing starts in February – a 133% year-over-year increase. Much of that jump was driven by condo stats.
Many B.C. markets saw their own housing start increases.
Victoria posted 222 starts in February (+46% y/y); Vancouver saw 3,024 starts (+190%); and Kelowna had 311 starts (+253).
The Energy Province saw a 50% decrease in housing starts, with a total of 1,596 starts in February.
Those declines were felt in the province’s two biggest markets with both Calgary (-26% y/y) and Edmonton (-67% y/y) seeing their own drop in starts.
Saskatchewan saw a total of 245 home started in February, a 22% year-over-year decrease.
Despite this, Regina had a total of 102 starts last month – a 92% increase.
Manitoba experienced a 53% year-over-year increase, with 267 total homes started last month.
Winnipeg saw 255 starts – a 57% jump year-over-year.
A total of 4,714 homes were started in February, representing an 86% year-over-year increase.
Unsurprisingly, Toronto posted a 105% year-over-year increase with 3,402 housing starts last month.
Hamilton saw its own impressive growth, with 194 starts – a 246% jump.
Kitchener-Waterloo saw a 240% jump, with 303 housing starts.
La Belle Province had an increase of 80% year-over-year, with 1,767 housing starts.
Montreal saw 1,114 housing starts (+201%).
East-coast provinces saw an increase of 245% year-over-year, with 338 housing starts reported.
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If you’re an investor who owns in any of Canada’s major markets, this is what you need to know about Canada’s latest housing start data.