Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2005 08:27 ET

Canada Mortgage and Housing Corporation: Home Builders Working at Capacity in the Fraser Valley

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that Fraser Valley housing starts declined nearly 18 per cent in the first nine months of 2005, compared to the same period last year. Year-to-date, the Valley saw a total of 5,621 new homes started, of which 2,714 were multiple units and 2,907 were single detached homes. Single detached starts were down 17 per cent, while multiple starts fell almost 19 per cent.

Housing starts for the month of September were down 19 per cent, with 721 new homes started. Single detached starts jumped nearly 13 per cent in September to 435 units, while multiple unit construction was down 43 per cent to 286, compared to the same month last year.

"We've seen a decline in starts activity because builders are currently busy working on the near record number of projects already under construction in the area," said Robyn Adamache, CMHC Market Analyst. "Demand for new homes remains strong based to solid market conditions including employment gains, rising wages, positive net migration and continuing low mortgage rates. This is especially true in Fraser Valley communities, which are still relatively affordable for homebuyers."

Average Price - New Single Family Home
Abbotsford $366,610
Chilliwack $306,638
Vancouver CMA $624,684
Source: CMHC

CMHC is Canada's housing agency. The BC & Yukon Regional Business Centre produces a variety of reports which highlight trends in the new and resale housing markets.

To view the tables accompanying this press release please click on the following link:

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Market Analyst
    (604) 737-4008
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island Contact
    Cell: (250) 360-7322
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334