Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2005 08:15 ET

Canada Mortgage and Housing Corporation: Housing Starts Bounce Back in September

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that housing starts in the Vancouver CMA climbed 18 per cent to 1,991units in September over the same period last year. Multiple starts increased 21 per cent to 1,459 units, while single detached housing starts grew 13 per cent to 532 units compared to the same month last year.

"A robust provincial economy continues to strengthen consumer demand for housing," said Cameron Muir, Senior Market Analyst. "While pent-up housing demand is beginning to wane, the market is being bolstered by a second wave of home buyers resulting from strong employment growth, rising wages, and a growing
population."

"Today's key buyer groups are both first-time buyers looking for more affordable starter homes and current homeowners who are taking advantage of the significant growth in their home equity over the last five years. Investor activity may have already reached its peak," added Muir, "and is expected to diminish as alternative investments garner increasing interest."

Year-to-date, housing starts in the Vancouver CMA were down 8 per cent to 13,933 units compared to the same period last year. So far this year, single-detached starts have fallen 16 per cent to 3,711 units, while multiple starts were off 5 per cent from last year's pace of 10,222 units.

Across the province, urban housing starts rose 16 per cent to 3,230 units in September. Multiple starts climbed 28 per cent to 2,097 units over September of 2004. Meanwhile, single-detached housing starts dipped 2 per cent to 1,133 units over the same period. Year-to-date, urban BC housing starts declined 2 per cent to 23,144 units.

To view the tables accompanying this press release please click on the following link:
http://www.ccnmatthews.com/docs/cmhc1011.pdf

CMHC is Canada's national housing agency. The BC & Yukon Regional Business Centre produces a variety of reports that highlight trends in the new and resale housing markets.


Contact Information

  • Canada Mortgage and Housing Corporation
    Cameron Muir
    Senior Market Analyst
    (604) 737-4144 or Cell: (778) 839-8590
    cmuir@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island Contact
    (250) 360-7322
    pprill@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334
    pfabri@cmhc-schl.gc.ca
    www.cmhc.ca