Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: Home Building on Track for Another Busy Year

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - Preliminary figures from Canada Mortgage and Housing Corporation (CMHC) show that Vancouver CMA home starts during the first six month of 2008 outpaced new home construction during the same period last year. The total number of foundations poured increased by nine per cent, propelled by an increase in multiple unit starts, which more than offset a decline in single detached home starts.

CMHC expects new home construction to ease but stay at high levels this year. "Less spill-over demand from the resale market will slow the pace of building slightly from last year's near-record high," said Robyn Adamache, senior market analyst with CMHC. "A better supplied resale market will mean buyers are able to find homes more easily from the growing number of MLS® listings on the market instead of turning to newly built homes."

Home starts in the Abbotsford CMA were up by one-third during the first half of the year due to a spate of new townhouse and apartment projects breaking ground.

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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Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    Email: radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Travis Archibald
    Market Analyst - Victoria/Vancouver Island
    Cell: (604) 999-7420
    Email: tarchiba@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    BC Southern Interior
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca