Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 09, 2008 08:15 ET

Canada Mortgage and Housing Corporation: Homebuilding Ahead of Last Year

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2008) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures show that ten per cent more homes were started in the first five months of 2008, compared to the same period last year. While single detached starts continued to trend down, multiple unit home building, particularly apartment condominium building, was well above last year's.

"High starts and longer completion times have pushed the number of apartment homes under construction to record highs," said Robyn Adamache, senior market analyst with CMHC. "However, an estimated one-half of apartment units underway are pre-sold, and over the past year, virtually all (98%) units were sold within the same month they were completed. This has left a very lean supply of completed and unsold new apartments on the market. While the supply of unsold new condominiums has been edging up since last year, it remains at less than one-third of the ten-year average."

A similar trend is emerging 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 five 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 graph, map and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/0609cmhc.pdf

(Ce document existe egalement en francais)

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 Home Starts Contact
    (604) 737-4089
    Email: rsam@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Travis Archibald
    Market Analyst-Victoria/Vancouver Island Home Starts Contact
    (604) 737-4062
    Email: tarchiba@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst-BC Southern Interior Home Starts Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca