Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2008 08:15 ET

Canada Mortgage and Housing Corporation: Homebuilding Ahead of Last Year

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - According to the preliminary figures from Canada Mortgage and Housing Corporation (CMHC), the brisk pace of new home construction in the Vancouver CMA continued in April, keeping homebuilding for the first four months of the year well above homes started during the same period last year. Although single-family starts eased from last year's pace, new multiple-family developments remain the driver of increased homebuilding.

"Builders continue to start new residential projects to satisfy homebuyer demand throughout the Lower Mainland. The foundation of this demand rests in the region's buoyant economy, which is generating jobs and drawing people to the area," said Robyn Adamache, Senior Market Analyst with CMHC. "It is this demand, coupled with homebuyers seeking less expensive homes, that is promoting multiple-family home construction."

A similar trend is happening in the Abbotsford CMA, where multiple unit developments have made a resurgence this year, following a slowdown in building last year. As a result, home starts in Abbotsford were up by one-third, compared to the first four months of 2007.

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.

To view the map and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/cmhc508.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144
    Email: radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Richard Sam
    Market Analyst - Abbotsford / Fraser Valley Contact
    (604) 737-4089
    Email: rsam@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island Contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca