Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 09, 2007 08:15 ET

Canada Mortgage and Housing Corporation: British Columbia Housing Starts Post Strong September

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - British Columbia housing starts surged above year-ago levels in September mainly due to higher multiple-unit starts. Single detached home starts totaled 955 units, a 15.3 per cent decline from year-ago levels. Multiple-unit starts totaled 2,673 units compared to 1,590 units in September last year.

"New home construction in the province is on track to meet CMHC's forecast of 35,525 units in 2007," noted Carol Frketich, BC Regional Economist. For the first nine months of the year, housing starts are running slightly ahead of last year's level, mainly due to a strong third quarter. Robust economic fundamentals including a strong labour market, as well as growth in population and incomes continue to underpin the high level of new home construction.

Adjusting for seasonal factors, the pace of B.C. urban homebuilding picked up to 39,500 units SAAR (seasonally-adjusted at an annual rate) in September from 34,700 SAAR in August 2007. Nationally, housing starts rose 19.6 per cent to 278,200 SAAR.

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.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    (250) 363-8042