Housing starts in B.C. jumped in August, but the increase does not indicate strength in the construction cycle as new projects remain paused due to poor market conditions, excess inventory and saturated rental markets.
Urban B.C. housing starts rose by 39 per cent to a seasonally adjusted annualized rate of 39,715 units, following three consecutive monthly declines. The increase was driven by a 44.6 per cent jump in multi-family starts, while single-family starts declined 1.7 per cent.
However, housing starts fluctuate from month-to-month, and the six-month moving average remained subdued. On a year-over-year basis, housing starts in urban centres fell 7.6 per cent and were down 9.7 per cent
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