Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2009 08:15 ET

Canada Mortgage and Housing Corporation: November Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), some 793 new homes started construction in November, an 18 per cent decrease from the same month last year. Surrey led with a total of 331 housing starts, followed by Langley where foundations were poured for 90 new homes.

Total home starts in the first eleven months of the year were still 60 per cent below last year's pace, with multiple unit construction accounting for most of the decline. Single detached home building was down by one-quarter, while multi-family starts declined nearly 70 per cent.

"The number of completed and unoccupied new homes has been declining for several months. This, combined with a sustained up-tick in the resale home market, should spur new home building going forward," said Robyn Adamache, Senior Market Analyst, CMHC. "CMHC is forecasting a modest increase in housing starts in 2010."

In the Abbotsford CMA, concrete was poured for 334 homes from January to November, compared to 1,261 starts in the same period last year.

Provincial home starts jumped to 17,200 units, seasonally adjusted at annual rates (SAAR) in November, compared to 16,200 in October. At the national level, housing starts also increased with 158,500 units (SAAR) started in November, up from 157,400 units in October.

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.

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