Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2009 11:15 ET

Canada Mortgage and Housing Corporation: August Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2009) - Canada Mortgage and Housing Corporation (CMHC) reported a jump in housing starts in the Vancouver CMA during the month of August. Foundations were poured for some 927 new residential units, bringing the year-to-date number to 4,782. In the same eight-month period last year, there were over twelve thousand starts in the Vancouver CMA.

These housing starts were mostly concentrated in Surrey and New Westminster, where larger scale multiple unit residential projects helped to boost the two municipalities' starts contribution. In other municipalities, single-detached and smaller-scale multiple unit housing starts continued to dominate.

"We are starting to see a return of more sizeable projects," said Robyn Adamache, Senior Market Analyst at CMHC. "If we see a sustained trend of strong sales combined with declining inventories in the resale market, more builders may be encouraged to start new projects in the months ahead. CMHC is forecasting a pick up in housing starts in the later part of the year."

Provincial home starts in areas with more than 10,000 people rose 57 per cent to 17,000 units, seasonally adjusted at annual rate (SAAR), from 10,900 units in July. Nationally, all area housing starts was also higher at 150,400 units (SAAR) from 134,200 in July.

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.

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