Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2005 08:15 ET

Canada Mortgage and Housing Corporation: Housing Starts Highest in 25 Years

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that housing starts in the Vancouver CMA jumped 75 per cent to 2,009 units in October over the same month last year. This was the second highest number of housing starts ever recorded in the month of October since CMHC began its survey in 1948. It has been 25 years since October housing starts crested above last month's figure. Housing starts in the Vancouver CMA totaled 2,194 units in October of 1980.

A surge in multiple housing starts was responsible for October's record performance. Multiple housing starts in the Vancouver CMA increased 121 per cent to 1,573 units last month, when compared to October of 2004 Meanwhile, single detached housing starts dipped 1 per cent to 436 units over the same period.

"Three out of every four new homes built today are either apartments or townhouses," said Cameron Muir, Senior Market Analyst. "Strong consumer demand is largely being driven by the superior location, relative affordability, and the interactive lifestyle of urban living that a condominium residence provides."

"The newly completed and unsold inventory of condominium apartments is at an all-time low," added Muir. "This statistic will not change in the short term, as scarce land and labour limit the ability of developers to continue increasing production."

Year-to-date, housing starts in the Vancouver CMA were down 3 per cent to 15,942 units when compared to the same period last year. So far this year, single-detached starts fell 14 per cent to 4,147 units, while multiple starts increased 2.5 per cent to 11,795 units from last year's pace of 11,509.

Across the province, urban housing starts climbed 40 per cent to 2,945 units in October on the strength of Vancouver multiple starts. Year-to-date, urban BC housing starts were up 1 per cent to 26,056 units.

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.

To view the tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/CMHC1108.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