Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Starts Reach Near Record High in 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2008) - Preliminary figures from Canada Mortgage and Housing Corporation (CMHC) indicate that the Vancouver Census Metropolitan Area (CMA) ended 2007 with the third highest number of housing starts in 50 years. Driven by a strong apartment condominium market, the total number of housing starts reached 20,736 in 2007, an eleven per cent increase over 2006. Overall, multiple family homes accounted for close to 80 per cent of all housing starts in the Vancouver CMA.

"With the overall average MLS® price of a single detached house over $800,000 in Greater Vancouver, buyers have shifted their expectations towards more affordable higher density style housing," said Richard Sam, Market Analyst with CMHC. "Developers have honed in on this demand and increased the number of new multiple family projects being built. As a consequence, the number of single detached housing starts declined by one quarter compared to last year."

To view the graph accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CHMC_Graph1.jpg

The story was mixed in centres east of the Vancouver CMA. Total housing starts in Abbotsford CMA declined ten per cent over last year's totals despite a significant increase in single family housing starts. Further east in the Fraser Valley, Chilliwack Census Agglomeration (CA) recorded an eleven per cent increase over 2006 figures due to a 50 per cent increase in multiple family home starts in the area.

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.

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

(Ce document existe egalement en francais)

Contact Information

  • Canada Mortgage and Housing Corporation
    Richard Sam
    Market Analyst
    (604) 737-4089
    Email: rsam@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    BC Southern Interior
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca