Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2009 11:15 ET

Canada Mortgage and Housing Corporation: September Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), foundations were poured for some 858 new homes this month, the second highest number of starts this year. After a surge of starts in August it appears that the trend has continued for the most part into September. Single family starts were up 9 per cent across the Vancouver CMA compared to September 2008. Surrey had another strong showing this month with 191 single family starts compared to just 140 in the same month of last year.

Despite this, new home construction is still down considerably year-to-date, only 5,644 units have started in comparison to 15,664 new homes in 2008. The largest decline is still in the multi unit sector where construction is down 70% from last year's levels.

"Housing starts appear to be on the up," said Robyn Adamache, senior market analyst, CMHC. "About 41 per cent of the year's new home construction has taken place in the third quarter. This trend will continue in 2010, as the economy improves."

In the Abbotsford CMA, new home construction has remained moderate year-to-date. Concrete has been poured for just 246 units from January to September compared to 1,206 in the same period last year.

Urban B.C. home starts declined to 14,000 units, seasonally adjusted at annual rates (SAAR) in September, compared to 17,100 in August. At the national level, housing starts also slid to 150,100 units (SAAR) in September from 157,300 units in August.

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
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659