Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 12, 2010 08:15 ET

March Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2010) - According to Canada Mortgage and Housing Corporation (CMHC), new home starts in the Vancouver Census Metropolitan Area (CMA) totaled 3,198 in the first quarter of 2010, some 76 per cent higher than the same period last year.

"We continued to see strength in single detached new home construction in March, particularly in Surrey and Vancouver City," noted Robyn Adamache, Senior Market Analyst at CMHC.

The multiple-unit residential projects for which foundations were poured in March were mostly smaller to mid-sized apartment buildings. Also noteworthy were 110 townhouse units that began construction in Surrey, Langley, and Maple Ridge. "Town homes and apartments provide more choice for lower priced entry to the new housing market for home buyers, compared to single detached homes," added Adamache.

In the Abbotsford CMA, 44 homes were started during March, compared to six starts one year ago. For the quarter, the preliminary tally of new homes to break ground in March in Abbotsford was 107, compared to 47 recorded twelve months prior.

Provincial home starts in urban areas dipped to 22,100 units, seasonally adjusted at annual rates (SAAR) in March, from 26,400 in February. At the national level, total housing starts moderated to 175,200 units SAAR in March from 182,800 units a month prior.

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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