{"id":22187,"date":"2023-07-17T11:11:00","date_gmt":"2023-07-17T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22187"},"modified":"2023-07-17T07:19:18","modified_gmt":"2023-07-17T14:19:18","slug":"vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/07\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\/","title":{"rendered":"Vancouver Experienced The Most Significant 45% Decrease in Multi-Unit Starts"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s national market continues to experience a steady decline in housing starts, says the Canada Mortgage and Housing Corporation (CMHC).<\/p>\n<p style=\"text-align: justify;\">According to the latest data from CMHC, the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts across Canada declined to 202,494 units. Compared to the previous month, that\u2019s a 23% drop.<\/p>\n<p style=\"text-align: justify;\">A closer look at the numbers reveals that the decline in housing starts is primarily concentrated in urban areas \u2013 defined by CMHC as cities or urban centres with populations over 10,000.<\/p>\n<p style=\"text-align: justify;\">Per CMHC data, the monthly SAAR of total urban starts dropped by 24 per cent, with only 182,842 units initiated. Within the urban category, multi-unit starts saw the largest drop of 30% to 139,890 units. Conversely, single-detached urban starts increased by a modest 6%to 42,952 units. Rural starts were estimated at 19,652 units.<\/p>\n<p style=\"text-align: justify;\">\u201cWe observed declines in both the SAAR and the trend of housing starts in May,\u201d Bob Dugan, chief economist for CMHC said. \u201cThe decline in housing starts is due to constraints in new construction, including labour shortages and higher construction and borrowing costs, which is considerably affecting multi-unit starts.\u201d<\/p>\n<p style=\"text-align: justify;\">Three major Canadian metropolitan areas \u2013 Vancouver, Toronto and Montreal all experienced declines in total SAAR housing starts during the month of May. Vancouver displayed the most significant setback, with a 45% decrease. Toronto and Montreal followed suit, with declines of 28% and 35% respectively. All three cities saw an increase in single-detached starts that was offset by large declines in multi-unit starts.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/articles\/news\/canada-housing-starts-decline-may-2023\" target=\"_blank\" rel=\"noopener\">CMHC : Housing Starts Continue Steady Decline in May<\/a> by Cassie Apperloo | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s national market continues to experience a steady decline in housing starts, says the Canada Mortgage and Housing Corporation (CMHC). According to the latest data from CMHC, the standalone monthly &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/07\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-22187","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Experienced The Most Significant 45% Decrease in Multi-Unit Starts &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/07\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Experienced The Most Significant 45% Decrease in Multi-Unit Starts &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s national market continues to experience a steady decline in housing starts, says the Canada Mortgage and Housing Corporation (CMHC). According to the latest data from CMHC, the standalone monthly &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver Experienced The Most Significant 45% Decrease in Multi-Unit Starts\",\"datePublished\":\"2023-07-17T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/\"},\"wordCount\":260,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/07\\\/vancouver-experienced-the-most-significant-45-decrease-in-new-home-starts\\\/\",\"name\":\"Vancouver Experienced The Most Significant 45% Decrease in Multi-Unit Starts &#8226; 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