The number of housing starts in the Vancouver area soared last month compared with October 2014, the Canada Mortgage and Housing Corporation announced November 9.

In total, 2,089 units were started in the month, which is 70% higher than the 1,232 units started in the same month last year. The increase comes in spite of a 1% drop in starts of single-detached homes. Housing starts for all other home types more than doubled, jumping 102% from 840 last year to 1,700 this year.

Using a six-month moving average of monthly seasonally adjusted annual rates, starts were trending at 21,595 units—up just under 1% compared with September.

“Housing starts trended higher this month as townhome and apartment construction increased,” said Richard Sam, CHMC principal, market analysis for Vancouver.

“Lower inventories of newly completed and unsold condominiums have prompted builders to add more supply to the market.”

Year-to-date, starts for all home types in the city have grown compared with last year. In total, Vancouver saw a 9% increase in housing starts for all home types from 15,873 last year to 17,325 this year. Single-detached home starts increased 8% to 3,909 units and construction starts for all other home types grew 9% to 13,416 units.

Across the province as a whole, starts were up 48% in October (2,839 units) compared with October 2014 (1,913). This was attributable to an 83% jump in starts of multiple-unit home types, which reached 2,081 units.

The number of single-detached units started in British Columbia fell 2% to 758. Year-over-year, total starts increased 13% across the province, with 24,862 units started in October compared with 21,962 in the same month last year. This is again due to a jump in starts of multiple-unit homes, which increased 16% to 17,469 units. Single-detached units increased 8% to 7,393 units.

The trend for units across Canada, on a seasonally adjusted, annual basis, was 198,065. This is down 14.4% compared with September, but BMO Economics’ Benjamin Reitzes describes the latest data as “still healthy.”

“The pullback comes after starts averaged 223K over the prior two months, well above demographic demand of about 190K,” Reitzes said.

In the fist 10 months of the year, starts were trending at around 194,000, he said.

The drop was related to a 22.4% decline in multi-unit homes, which fell to 122,187. Meanwhile, starts of single-detached houses increased 1.3%.

Overall, Reitzes said while the dip in housing starts may push down GDP growth in 2015’s fourth quarter, the drop is good for the market overall.

“Indeed, the chunky October decline was welcome, as continued building at the prior two months’ pace would have increased concerns about overbuilding,” he said.

Vancouver Housing Starts Grew 70% in October Compared With One Year by Emma Crawford Hampel | Business in Vancouver