Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2009 11:15 ET

Canada Mortgage and Housing Corporation: Third Quarter Housing Starts Up in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2009) - The seasonally-adjusted annual rate(1) of housing starts increased to 14,200 units in the third quarter compared to 10,700 units in the second quarter, according to Canada Mortgage and Housing Corporation (CMHC). Both single-detached and multiple-family housing starts were up compared to the previous quarter.

"As expected, a tighter resale market and improving economic conditions are leading to a pick up in housing starts," said Carol Frketich, CMHC's Regional Economist for British Columbia. "The improving trend in single-detached home starts demonstrates there is underlying strength in new home construction. CMHC's forecast for 2009 includes an increase in residential construction during the second half of the year."

Monthly data showed that starts were down in September. Home starts in areas of British Columbia with more than 10,000 people fell to 14,000 units, from 17,100 units in August. Nationally, all area housing starts totaled 150,100 units in September compared to 157,300 in August.

For the first nine months of the year, 9,316 homes were started in areas of British Columbia with more than 10,000 people, compared to 25,520 during the first nine months of last year.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

(1) All starts figures in this release, other than actual starts, are seasonally-adjusted annual rates (SAAR) – that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

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