Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: BC Homebuilders Focus on Denser Housing Forms in 2007

VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2008) - In 2007, new housing construction in British Columbia's urban areas(1) exceeded the 2006 level by 5.5 per cent. But while the volume of annual housing starts increased in 2007, the composition of starts by dwelling type changed as well. Multi-family dwellings made up over two thirds of BC housing starts in 2007, up significantly from 2006. At the same time, the proportion of housing starts made up of single detached houses declined.

"In 2007, solid economic fundamentals resulted in continued strong demand for housing in British Columbia," said Carol Frketich, CMHC's Regional Economist for the BC Region. "However, high prices for single-detached homes forced some homebuyers to look at denser housing forms, and the development industry responded accordingly. The result was a 14-year high in urban multi-family starts in 2007."

To view the graph accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC_Graph.jpg

Nationally, housing starts in 2007 are estimated at 229,600, surpassing 2006 starts, and reaching their second highest level in nearly two decades.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1-800-668-2642.

(1) This includes all population centres with more than 10,000 residents. In 2006, there were approximately 3,900 starts in rural (non-urban) areas of British Columbia.

To view the tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC_Tables.jpg

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