Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 10, 2006 08:15 ET

Canada Mortgage and Housing Corporation: Housing Starts Climb 24% in the First Quarter

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - Canada Mortgage and Housing Corporation (CMHC) figures indicate housing starts in the Vancouver CMA climbed 30 per cent to 2,016 units in March over the same period last year. Single detached starts increased 56 per cent to 546 units, while multiple starts rose 23 per cent to 1,470 units compared to March 2005.

Last month's robust housing starts contributed to an overall increase during the first quarter. A total of 5,093 housing units were started in the first three months of the year, up 24 per cent from the same period last year. Single detached starts led the way, rising 41 per cent to 1,424 units. Multiple starts increased 18 per cent to 3,669 units compared to the first quarter of 2005.

"Despite a limited supply of land and skilled trades workers, home builders are managing to increase production," said Cameron Muir, Senior Market Analyst. "Growth in the overall stock of housing is crucial to affordability. More housing choice reduces the tendency for prices to be bid up by consumers competing against each other over a limited number of homes for sale."

Urban BC housing starts increased 27 per cent to 7,934 units during the first quarter, compared to the same period last year. Single detached starts climbed 28 per cent to 2,789 units and multiple starts rose 26 per cent to 5,145 units, compared to the first quarter of 2005.

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. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, and making vibrant and sustainable communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.

To view the tables accompanying this press release, please click on the following link: http://www.ccnmatthews.com/docs/cmhc410a.pdf


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
    Cell: (250) 360-7322
    pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334
    pfabri@cmhc.ca
    www.cmhc.ca