Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 09, 2009 08:15 ET

Canada Mortgage and Housing Corporation: October Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), October was another encouraging month for housing starts. Some 892 new residential homes were begun, the second highest number of starts this year. Surrey led with a total of 383 housing starts, followed by Coquitlam where foundations were poured for 139 new homes.

"Even though year-to-date numbers for 2009 are still far below those recorded in 2008, the momentum of increase over the past three months is heartening. Single-detached home construction continues to show strength, especially in Surrey. We are beginning to see a return of some larger scale multiple-unit residential projects, which were virtually absent during the earlier part of this year," said Robyn Adamache, Senior Market Analyst, CMHC. "CMHC is forecasting a modest increase in housing starts in 2010."

In the Abbotsford CMA, there were 298 starts from January to October compared to 1,235 in the same period last year.

Urban B.C. home starts jumped to 16,100 units, seasonally adjusted at annual rates (SAAR) in October, compared to 14,000 in September. At the national level, housing starts also regained some ground with 157,300 units (SAAR) started in October, up from 149,300 units in September.

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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Contact Information

  • Canada Mortgage and Housing Corporation
    Valerie Rosenthal
    Senior Marketing & Communications Consultant
    Cell: (604) 202-2609
    vrosenth@cmhc.ca
    www.cmhc.ca