Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 28, 2006 15:12 ET

Canada Mortgage and Housing Corporation: Destination West in 2005

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - March 28, 2006) - People moving to British Columbia from other provinces and countries boosted the province's population by more than 43,000 people in 2005. Population growth is one more factor driving activity in the housing market in the province, according to Canada Mortgage and Housing Corporation (CMHC) Regional Economist, Carol Frketich.

Last year was the third consecutive year during which British Columbia recorded a net gain of people from other provinces. People moving here from outside of Canada also boosted the population. "This inflow of people is having a direct impact on new and existing home markets as well as rental markets," noted Frketich. Residential builders poured foundations for 34,667 new homes in 2005 and resale activity jumped 10.3 per cent. According to CMHC's annual Rental Market Survey, the vacancy rate dropped to 1.9% in October 2005 from 2.4% one year earlier.

"More people in the market for housing has contributed to the upward price pressure during 2005, and that is continuing in 2006," she added. CMHC forecasts net migration to increase in 2006 and existing home prices to post double-digit gains.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for over 60 years. CMHC contributes to improving the living conditions and the well-being of Canadians through four areas of housing activities - housing finance, assisted housing, research and information transfer, and export promotion. The BC Regional Business Centre produces a variety of reports which highlight trends in the new and resale housing markets. For more information, visit www.cmhc.ca or call 1 800 668-2642.

To view the table accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC0328.jpg


Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Regional Economist
    (250) 363-8042 or Cell: (604) 787-5598
    cfrketic@cmhc.ca
    www.cmhc.ca