{"id":4082,"date":"2016-11-23T11:11:41","date_gmt":"2016-11-23T19:11:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4082"},"modified":"2016-11-22T17:59:11","modified_gmt":"2016-11-23T01:59:11","slug":"bc-housing-starts-drop-in-october","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/bc-housing-starts-drop-in-october\/","title":{"rendered":"BC Housing Starts Drop in October"},"content":{"rendered":"<p style=\"text-align: justify;\">Following a strong September pace, BC housing starts plunged in October due to fewer apartment starts in Metro Vancouver. Provincial urban-area starts reached a seasonally adjusted annualized rate of 25,520 units compared with a pace of 46,300 in September, and 34,400 a year ago. This marked a month-to-month drop of 44% and a year-over-year decline of 25%.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/B.C.-housing-starts-drop-in-October.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-4083\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/B.C.-housing-starts-drop-in-October-300x175.jpg\" alt=\"b-c-housing-starts-drop-in-october\" width=\"556\" height=\"324\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/B.C.-housing-starts-drop-in-October-300x175.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/B.C.-housing-starts-drop-in-October-768x448.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/11\/B.C.-housing-starts-drop-in-October.jpg 858w\" sizes=\"auto, (max-width: 556px) 100vw, 556px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Metro Vancouver posted the slowest pace of starts since 2011 at 12,000 annualized units compared with 35,600 in September and 25,000 a year ago. This was the sharpest one-month drop on record going back to 1990. In contrast, strength persisted among other urban areas.<\/p>\n<p style=\"text-align: justify;\">While recent policy shifts, including the foreign-buyer tax in Metro Vancouver and tighter mortgage insurance rules, may seem like obvious causes, these are unlikely the main culprits. The foreign-buyer tax may have curbed detached spec building, but multi-family projects are planned and pre-sold well in advance. Recent policies would be unlikely to affect project timelines over such a short time frame. We anticipate a moderate rebound in November. As housing starts are highly volatile, especially in the multi-family-dominated regions, more months of data are needed to determine any shift.<\/p>\n<p style=\"text-align: justify;\">Year-to-date housing starts in the Vancouver census metropolitan area were up 33% from a year ago.<\/p>\n<p style=\"text-align: justify;\">Annual housing starts are forecast to climb 30% to about 41,000 units. Policy measures to cool the housing market will likely curtail construction growth and contribute to a 10% drop in starts in 2017.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Statistics Canada further confirmed the strength of BC\u2019s economy in 2015. BC gross domestic product growth was tops in the country at 3.3%, and was far stronger than the national expansion of 0.9%.<\/p>\n<p style=\"text-align: justify;\">As expected, household demand was a key driver, with consumer spending growth of 3.1%, and residential investment spending up 9.1%. Growth in population and the strengthening labour market were key drivers of both, with the former fuelled in part by the strong housing market.<\/p>\n<p style=\"text-align: justify;\">Net exports were a stronger-than-expected contributor to growth owing mostly to flat imports. Exports climbed 2.8%, driven by international goods demand, while slow growth held back interprovincial gains. A low Canadian dollar contributed to both uplift in international gains and curtailment of imports. Public-sector spending growth was also a surprise positive contributor to growth, with consumption up 2.8% after a 1.3% contraction in 2014. \u2022<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/11\/bc-housing-starts-drop-october\/\" target=\"_blank\">BC Housing Starts Drop in October<\/a> by Bryan Yu | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a strong September pace, BC housing starts plunged in October due to fewer apartment starts in Metro Vancouver. Provincial urban-area starts reached a seasonally adjusted annualized rate of 25,520 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/bc-housing-starts-drop-in-october\/\">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-4082","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Housing Starts Drop in October &#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\/2016\/11\/bc-housing-starts-drop-in-october\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Starts Drop in October &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Following a strong September pace, BC housing starts plunged in October due to fewer apartment starts in Metro Vancouver. 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