Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: BC Housing Starts Down in the Second Quarter

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - Housing starts in British Columbia were down in the second quarter mainly due to decreases in June, according to Canada Mortgage and Housing Corporation (CMHC). Starts totalled 2,630 last month, down 10.8 per cent from June 2007.

Fewer foundations were poured for both single-detached and multiple-unit homes in the second quarter. Single-detached home starts, which account for about one-quarter of new residential construction, have been trending lower since early 2006. Multiples had been trending higher until recently. High land and building costs are two of the factors contributing to the downtrend in home starts.

"Builders in BC continue to be very busy despite last month's lower starts numbers," said Carol Frketich, CMHC's BC Regional Economist. "The number of homes under construction is near a record high."

Nationally, housing starts dropped to 217,800 units, seasonally adjusted at annual rates (SAAR), down 4.3 per cent from 227,700 units (SAAR) in May. All provinces except Saskatchewan and Nova Scotia recorded a decline in the annual rate.

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. For more information, visit www.cmhc.ca or call 1-800-668-2642.

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