NEW HOMES REGISTRY REPORT

Transcription

1 December 218 British Columbia s Monthly NEW HOMES REGISTRY REPORT Leading Housing Market Indicator for B.C. Registered new homes data are a leading indicator of housing and economic 1 activity in British Columbia. The Monthly New Homes Registry Report provides information on registered new homes by building type, building size and location, and is intended for use by the residential construction industry, real estate community and researchers. General Highlights Figure 1: Registered New Homes 2 by Building Type, In 218, 46,46 new homes were registered 2 in B.C., which included 11,77 single detached and,86 multi-unit homes 4. In 218, total home registrations were up 16.6% from 217, driven by an increase in multi-unit homes (+24.9%) 4 despite a decline in single detached homes (-.%). This month 4,12 new homes were registered 2 in B.C., a 8.9% increase compared with December 217. Using a 12-month moving average, there were,872 new registered homes 2 in December, trending at a 4.% increase from November for all registered new homes. Metro Vancouver accounted for 66.7% of all new homes registered 2 in B.C. in December. Surrey (1,221), Coquitlam (796), and Richmond (276) were the top three cities in registered new homes this month. In December, the majority of registered new homes in Colwood, Squamish, Coquitlam, Vernon, Port Coquitlam, Langford, Richmond, Courtenay, Parksville, Cumberland, North Vancouver, Victoria, Surrey, Langley, Harrison Hot Springs, Maple Ridge, Delta, Salmon Arm, Sooke, Penticton, Chilliwack, Bowen Island, Campbell River, Vancouver, Prince George, and Kamloops were multi-units., 4, 4,,, 2, 2, 1, 1,, Single Detached Homes Homes in Multi-unit Buildings Total Figure 2: Registered New Homes 2 by Building Type and Selected City 6, December 218 Surrey Coquitlam Richmond Langley Victoria Vernon Vancouver Squamish , Homes in Multi-unit Buildings Single Detached Homes *Langley includes the City of Langley and the Township of Langley, while North Vancouver includes the City of North Vancouver and the District of North Vancouver. Courtenay Parksville , 1,2 1,4

2 Figure : Registered New Homes 2 by Regional District 7, December 218 Regional District Number of Single Detached Homes Regional % Share of Provincial Total Number of Homes in Multi-unit Buildings 4 Regional % Share of Provincial Total Squamish-Lillooet 7 1.2% 21.4% North Okanagan.8% 22.6% Nanaimo % 1 2.6% Metro Vancouver % 2,7 69.8% Capital % % 2

3 Single Detached Highlights In 218, 11,77 new single detached homes were registered in B.C. Compared with 217, single detached registrations decreased.%. This month 96 single detached homes were registered. Compared with December 217, the number of single detached registrations decreased 24.7%. Using a 12-month moving average, there were 948 new single detached registered homes in December, trending at a 1.7% decrease from November. Using a 6-month moving average, there were 1,26 new single detached registered homes in December, trending at a.% decrease from November. Surrey (11), Vancouver (8) and Kelowna (29) had the largest number of single detached homes registered in December. Figure 4: Registered Single Detached Homes, December 218, 2, 2, 1, 1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec year average Figure : Registered Owner-built Homes 8, , 4,, 2, 1, Figure 6: Registered Single Detached Homes by Selected City 9 in Metro Vancouver, Vancouver Surrey Richmond Burnaby Langley Coquitlam North Vancouver Delta Maple Ridge West Vancouver 1,416 1, 1,191 1, , 1,2 1,4 1,6 Figure 7: Registered Single Detached Homes in Metro Vancouver, , 9, 8, 7, 6,, 4,, 2, 1, Vancouver Surrey Rest of Metro Vancouver Total Metro Vancouver Rest of BC

4 Enrolled Multi-unit Highlights In 218, 27,72 new multi-unit homes were enrolled 1 in B.C. Compared with 217, multi-unit enrollments increased 2.%. This month,281 multi-unit homes were enrolled 1. Compared with December 217, the number of multi-unit enrollments increased 21.2%. Using a 12-month moving average, there were 2,1 new multi-unit enrolled homes 1 in December, trending at a 8.8% increase from November. Using a 6-month moving average, there were 1,99 new multi-unit enrolled homes 1 in December, trending at a.2% increase from November. There were 194 new multi-unit buildings enrolled 1 in December. Most of these buildings were of to units (.%) and duplexes (2.%). The largest building of 64 units was proposed to be built in Coquitlam. In December, Surrey (1,12), Coquitlam (788) and Richmond (26) had the largest number of multi-unit enrolled homes 1 in B.C. Figure 8: Enrolled Homes in Multi-unit Buildings 1, December 218 4,,, 2, 2, 1, 1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec year average Figure 9: Enrolled Multi-unit Buildings by Building Size 11, December Duplex Triplex Quadplex - Units 1-1 Units >1 Units Figure 1: Enrolled Homes in Multi-unit Buildings 1 by 12-Month and 6-Month Moving Averages, December 218 4,,, 2, 2, 1, 1, 216 Jan 216 Feb 216 Mar 216 Apr 216 May 216 Jun 216 Jul 216 Aug 216 Sep 216 Oct 216 Nov 216 Dec 217 Jan 217 Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 218 Jan 218 Feb 218 Mar 218 Apr 218 May 218 Jun 218 Jul 218 Aug 218 Sep 218 Oct 218 Nov 218 Dec Enrollments by Month 12-Month Moving Average 6-Month Moving Average 4

5 Purpose-built Rental In 218, 7,4 purpose-built rental units 12 were registered in B.C. Compared with 217, the number of registered rental units decreased 17.1%. The decline between 217 and 218 largely reflects the record high number of rental registrations in January 217. Rental units 12 represented 2.9% of all multi-unit registrations in 218. This month 6 rental units were registered 12. Compared with December 217, the number of rental units registered decreased.9%. Using a 12-month moving average, there were 8 rental units registered 12 in December, trending at a.4% decrease from November. Using a 6-month moving average, there were 9 rental units registered 12 in December, trending at a 2.2% increase from November. There were 1 rental buildings 12 registered in December. Most of these buildings were of 1 to 1 units (6.%) and to units (.%). The largest building of 12 units was proposed to be built in Victoria. In December, Vernon (216), Victoria (11) and Vancouver (87) had the largest number of rental units registered 12 in B.C. Figure 11: Purpose-built Rental Units 12, December 218 4,,, 2, 2, 1, 1, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec year average Figure 12: Purpose-built Rental Units 12 by Building Size 11, December Duplex Triplex Quadplex - Units 1-1 Units >1 Units Figure 1: Purpose-built Rental Units 12 by 12-Month and 6-Month Moving Averages, December 218 2, 2, 1, 1, 216 Jan 216 Feb 216 Mar 216 Apr 216 May 216 Jun 216 Jul 216 Aug 216 Sep 216 Oct 216 Nov 216 Dec 217 Jan 217 Feb 217 Mar 217 Apr 217 May 217 Jun 217 Jul 217 Aug 217 Sep 217 Oct 217 Nov 217 Dec 218 Jan 218 Feb 218 Mar 218 Apr 218 May 218 Jun 218 Jul 218 Aug 218 Sep 218 Oct 218 Nov 218 Dec Registrations by Month 12-Month Moving Average 6-Month Moving Average

6 Data Tables Table 1: Registered New Homes², 22 to 218 Calendar Year Registered New Single Detached Homes Registered New Homes in Multi-unit Buildings 4 Single Detached Homes Enrolled with Home Warranty Insurance Owner Builder Authorizations 8 Homes in Multi-unit Buildings with Home Warranty Insurance 1 Purpose-built Rental ,179,268 12,7 2, ,498,8 16,8 2, ,747,666 19,72 2, ,619,84 2,211 1, ,88 4,124 2,26 1, ,99,99 2,4 1, ,8,7 1, ,16 2,749 6,787 1, ,47,199 1,97 1, ,412 2,96 14,4 1, ,91 2,44 16,281 1, ,8 2,67 1,84 2, ,9 2, 1,96 2, ,881 2,49 17,9 4, ,78 2,212 2,41, ,421 1,16 2,948 8, ,24 1,17 27,72 7,4 6

7 Table 2: Registered New Homes 2, 217to 218 and -year Average, Monthly Month Registered New Single Detached Homes Registered New Homes in Multi-unit Buildings year Average year Average 1 Jan ,77,8 1,8 Feb 1, ,648 1,9 1,4 Mar 1,68 1, ,8 2,4 2,27 Apr 1,186 1,7 98,92 1,81 1,94 May 1,187 1,246 1,82 2,69,76 1,97 Jun 1,9 1,248 1,98,26 1,789 1,92 Jul 98 1,2 1,9,6,4 1,916 Aug 911 1,9 1,2 2,89 2,167 2,288 Sep 78 1, ,29,42 2,7 Oct 91 1,91 92,687 2,68 2,484 Nov ,8 2,44 1,474 Dec ,916 1,72 1,699 Month Table : Registered New Homes in Multi-unit Buildings 4, 217 to 218, Monthly Enrolled New Homes in Multi-unit Buildings 1 Purpose-built Rental 12 Registered New Homes in Multi-Unit Buildings Jan 2,61 1, ,997,77,8 Feb 1, ,648 1,9 Mar 2,8 1, ,8 2,4 Apr 2, 1, ,92 1,81 May 1,2 2, ,69,76 Jun 2,86 1, ,26 1,789 Jul 2,42 2,87 1,14 1,18,6,4 Aug 2,461 1, ,89 2,167 Sep 1,8 2, ,29,42 Oct 2,89 2, ,687 2,68 Nov 2,24 1, ,168 2,8 2,44 Dec,281 1, ,916 1,72 7

8 Table 4: Registered New Homes 2 by Regional District, December 218 Regional District Registered New Single Detached Homes Number of Homes Regional % Share of Provincial Total Registered New Homes in Multi-unit Buildings 4 Number of Homes Regional % Share of Provincial Total Number of Homes Total Regional % Share of Provincial Total Alberni-Clayoquot.8%.%.1% Bulkley-Nechako.%.%.% Capital % % % Cariboo 8 1.%.% 8.2% Central Coast.%.%.% Central Kootenay 4.7%.% 4.1% Central Okanagan 4 6.7% 6.2% 46 1.% Columbia-Shuswap 1 2.2% 1.4% 28.6% Comox Valley 12 2.% 12.2% 17.% Cowichan Valley % 2.1% 18.4% East Kootenay.%.%.1% Fraser Valley 9 9.9% 1 1.% % Fraser-Fort George 4.7% 6.2% 1.2% Kitimat-Stikine 1 1.7%.% 1.2% Kootenay-Boundary 2.%.% 2.% Metro Vancouver % 2,7 69.8%, % Mount Waddington 1.2%.% 1.% Nanaimo % 1 2.6% 11.% North Okanagan.8% 22.6% 22.% Northern Rockies.%.%.% Okanagan-Similkameen 9 1.% 4.1% 1.% Peace River.% 2.1%.1% Powell River.%.%.1% Skeena-Queen Charlotte.%.%.% Squamish-Lillooet 7 1.2% 21.4% % Stikine.%.%.% Strathcona.% 4.1% 7.2% Sunshine Coast 1 2.%.% 1.% Thompson-Nicola 4.7% 4.1% 8.2% Total 96 1.%,916 1.% 4,12 1.% 8

9 Background and Methodology BC Housing is responsible for the administration of the Homeowner Protection Act, with a mandate to help bring about improvements in the quality of residential construction and increase consumer protection for buyers of new homes in British Columbia (B.C.). Under the Act, all new homes in the province must be registered with BC Housing. The registration of new homes in the public registry must occur prior to the issuance of building permits and housing starts. The new homes registry data measures residential construction activities at the beginning of a project before construction commences. Therefore, information in the Monthly New Homes Registry Report is a leading indicator of housing activity in B.C. New home registration data is collected from Licensed Residential Builders and owner builders through the New Home Registration forms and Owner Builder Authorization applications. Over time, some minor adjustments may be made to the new home registration data as registrations are withdrawn or cancelled from home warranty insurance. This report provides information on registered new homes by building type, building size, and building location. Figures for registered new homes include both multi-unit and single detached new homes enrolled with home warranty insurance, Owner Builder Authorizations, and, since the August 216 report, purpose-built rental buildings that are exempt from home warranty insurance. CSA-approved manufactured homes (modular homes, mobile homes and factory-built homes), floating homes, non-stratified hotels, motels, dormitories and care facilities are excluded from the definition of new home and are not reflected in the report. Geographical terms in this publication are based on Statistics Canada s 26 Census area. In February 29, the regional district of Comox-Strathcona was replaced by two successor regional districts, Comox Valley and Strathcona. Research In collaboration with BC Housing, the Bank of Canada conducted a study to assess whether or not new home registration data can be used as a leading indicator for economic activity in B.C. Study findings reveal that quarterly increases in new registrations for single detached homes have statistically significant predictive content for growth in real Gross Domestic Product (GDP) over the next one to three quarters, providing stronger signals compared to housing starts and building permits over this forecast horizon. To view the report, go to the Staff Discussion Papers section on the Bank of Canada s website. End Notes 1 Bank of Canada, 216. New Housing Registrations as a Leading Indicator of the B.C. Economy. Details are available here. 2 Registered new homes includes: single detached and multi-unit homes enrolled in home warranty insurance, single detached homes constructed by an owner builder not covered by home warranty insurance, and purpose-built rental units that are exempt from home warranty insurance. Before August 216, calculations of registered new homes in this report excluded purpose-built rental units. Registered new single detached homes includes new single detached homes enrolled with home warranty insurance or with Owner Builder Authorizations issued by the Registrar. 4 Registered new homes in multi-unit buildings (two or more dwelling units) include new homes enrolled with home warranty insurance and new homes in purpose-built rental buildings with a home warranty insurance exemption. Before August 216, calculations of registered new homes in multi-unit buildings in this report excluded purpose-built rental units. The trend analysis with moving average is based on a twelve-month and 6-month simple moving average of the monthly new home registration data. Data are not seasonally adjusted. 6 Selected cities are the 1 cities that had the highest numbers of registered new homes in the reference month. 7 The five regional districts with the highest numbers of registered new homes in the reference month. 8 Owner-built homes refers to Owner Builder Authorizations issued by the Registrar. New homes built under an Owner Builder Authorization are exempt from licensing and home warranty insurance. 9 Selected cities are the 1 cities that had the highest numbers of registered single detached homes in Metro Vancouver in Enrolled new multi-unit homes refers to new homes in multi-unit buildings (two or more dwelling units) enrolled with home warranty insurance. 11 Building size is measured by number of dwelling units, which is equivalent to new homes. 12 Purpose-built rental refers to new rental homes in multi-unit buildings that qualify for exemption from home warranty insurance. These exempted homes must be constructed for rental purposes, including social housing, and have a restrictive covenant registered on title restricting the sale of any dwelling unit for a 1-year period. Rental homes with a covenant may however be captured under enrolled new multi-unit homes if the unit is voluntarily enrolled with home warranty insurance. 1 In this report, the five year average is the average of the most recently completed five years. Click here to view Monthly New Home Registry Report 9