Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2009 08:15 ET

Canada Mortgage and Housing Corporation: April New Home Construction in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2009) - Numbers released by Canada Mortgage and Housing Corporation (CMHC) today show that new home starts in Vancouver moved lower in April. Fewer multiple unit and single detached homes started construction in the first four months of the year. The total number of housing starts was down by nearly two-thirds from last year's strong performance.

"Starts numbers so far this year are consistent with CMHC's forecast. However, the rate of decline is expected to moderate in the remainder of the year," said Robyn Adamache, Senior Market Analyst with CMHC. "New home construction is facing competition from a well-supplied resale market and a growing inventory of unsold new homes. Builders will remain on the sidelines until some of the existing new and resale supply is absorbed."

Nationally, new home construction declined 20 per cent to 117,400 SAAR (seasonally adjusted at an annual rate) in April (compared to March). B.C. urban housing starts edged up from 9,800 in March to 9,900 SAAR in April.

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 - homes that will continue to create vibrant and healthy communities and cities across the country.

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