Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: Condominium Building Keeps Home Starts High

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) - According to preliminary figures from Canada Mortgage and Housing Corporation (CMHC), Vancouver CMA home starts so far this year have outpaced new home construction during the same period last year. In spite of a slow August, seven per cent more foundations were poured in the first eight months of the year, with multiple unit (semidetached, townhouse and apartment) starts accounting for the increase.

"Metro Vancouver will see housing starts exceed 18,000 units for the fifth consecutive year in 2008," said Robyn Adamache, senior market analyst with CMHC. "Demand for new homes remains healthy, however the inventory of unsold new homes is edging up. Look for this trend to continue as a better supplied resale market satisfies many homebuyers' needs."

Homebuilding in neighbouring Abbotsford surpassed last year's activity, both on a monthly and a year-to-date basis. Home starts in the first eight months of the year were up by more than one quarter, with growth on the multiple unit side making up for a slowdown in single detached construction.

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.

To view the graph and tables accompanying this release please click on the following link: http://media3.marketwire.com/docs/CMHC99.pdf

Contact Information

  • Canada Mortage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    Email: radamach@cmhc.ca
    or
    Canada Mortage and Housing Corporation
    Travis Archibald
    Market Analyst - Victoria / Vancouver Island Contact
    Cell: (604) 999-7420
    Email: tarchiba@cmhc.ca
    or
    Canada Mortage and Housing Corporation
    Richard Sam
    BC Southern Interior Contact
    (604) 737-4089
    Email: rsam@cmhc.ca
    Website: www.cmhc.ca