Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Homebuilding Surpasses Last Year's

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures show that new home starts in the Vancouver Census Metropolitan Area (CMA) continue to be strong as the end of the year approaches. Total housing starts are up five per cent over last years levels based on strong multiple family construction. Single detached housing starts continue to lag last year's totals by one-third.

"With the average price of a new single detached house reaching over $800,000 in the Vancouver region, buyers have shifted their demand to lower priced town homes and apartment condominiums. As a result, there has been a strong increase in multiple family home construction in centres north of the Fraser River," said Richard Sam, Market Analyst with CMHC.

In the Fraser Valley, October was a slow month with Abbotsford CMA and Chilliwack CA recording a total of 105 home starts. Single detached housing starts in the Abbotsford CMA continue to outpace last year's activity by 24 per cent, while multiple family home construction has dropped by one-third in the area. The picture is the opposite in Chilliwack CA where multiple family home starts are up by two-thirds, pushing total housing starts twenty per cent over last year's levels.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

To view the graph, map and tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/cmhc1108images.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Richard Sam
    Market Analyst
    (604) 737-4089
    Email: rsam@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst-Victoria/Vancouver Island Home Starts Contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    BC Southern Interior Home Starts Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca