The number of single-family-detached homes started in the Abbotsford Mission CMA dropped in July from 138 in 2012 to only 102 in July of 2013 – a drop of 26 percent.
All others, including apartments, condos, business, industrial and commercial rose from 111 in July of 2012 to 324 in 2013 – a rise of 192 percent. That increase was enough to bring the overall increase to 71 percent and buck the national trend which saw an overall decrease in housing starts of 16 percent across major urban areas and 17 percent overal.
Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 18,888 units in July compared to 17,580 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.
“The trend measure of multiple-family starts has increased for the past two months, supporting upward movement in the total housing trend,” said Robyn Adamache, CMHC’s Senior Market Analyst for Vancouver. “Single detached starts trended near 3,800 units in July, maintaining a relatively stable pace.”
Housing starts in Canada were trending at 187,416 units in July compared to 182,142 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.
“The trend in total housing starts continued to be relatively stable in July, remaining within a narrow range of roughly 182,000 to 188,000 units since March 2013,” said Mathieu Laberge, Deputy Chief Economist at CMHC. “For the past few months, total housing starts have followed the stabilizing trend observed in sales of existing homes earlier this year. As expected, the trends in the two market segments typically follow a similar pattern with the new home market lagging behind the existing home market by a few months.”
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To see what has happened to Housing Starts in Abbotsford over the last decade click here.