Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2009 08:15 ET

Canada Mortgage and Housing Corporation: BC Housing Starts Pick Up in June

VICTORIA, BRITISH COLUMBIA--(Marketwire - July 9, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), new home construction in British Columbia's urban areas picked up in June to 12,000 units at a seasonally adjusted annual rate (SAAR), compared to 9,600 units in May(1). The increase was entirely due to an increase in multiple-unit starts, as single detached starts were unchanged from their May level of 4,700 units SAAR. Total urban starts remain below last year's levels.

"June's housing starts are in line with CMHC's forecast for the year," noted Carol Frketich, CMHC BC Regional Economist. CMHC predicts that housing starts will increase during the second half of 2009 as low mortgage rates, a growing population, increased economic certainty and fewer existing homes for sale, rekindle demand for new housing.

Nationally, the seasonally adjusted annual rate of housing starts for all areas (urban plus rural) was 140,700 units in June, up from 130,300 units in May.

British Columbia's urban areas recorded 1,062 actual housing starts in June, compared to 2,635 in June 2008. There were 2,766 starts during the second quarter, down from 8,808 starts in the second quarter of 2008. More than 8,000 units which had been under construction were completed during the second quarter.

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 - homes that will continue to create vibrant and healthy communities and cities across the country.

(Ce document existe egalement en francais)

(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.

To view the tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/CMHCBCJune09.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    (250) 363-8042 or Cell: (604) 787-5598
    cfrketic@cmhc.ca
    www.cmhc.ca