Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2005 08:15 ET

Canada Mortgage and Housing Corporation: Housing Starts Rebound in February


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANADA MORTGAGE AND HOUSING CORPORATION

MARCH 8, 2005 - 08:15 ET

Canada Mortgage and Housing Corporation: Housing
Starts Rebound in February

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2005) - Canada
Mortgage and Housing Corporation (CMHC) figures indicate that housing
starts in the Vancouver CMA rose 15 per cent to 1,210 units in February
over the same period last year. Multiple starts climbed 36 per cent to
849 units, while single-detached starts dipped 16 per cent to 361 units
compared to the same month last year.

More housing starts were recorded in Greater Vancouver last month than
in any February since 1998 when 1225 starts were recorded. "Last month's
sunny skies allowed homebuilders to make up for ground lost during
January's inclement weather," said Cameron Muir, senior market analyst.

"Increasing job growth and continued low mortgage rates are expected to
drive consumer demand for new homes through 2005," added Muir. Housing
starts are forecast to top 20,000 units this year, the highest level
since 1994 when 20,473 units were started.

Across the province, urban housing starts rose 14 per cent to 2,016
units in February, over the same period last year. Multiple starts
increased 28 per cent 1,214 units, while single detached starts declined
2 per cent to 802 units last month, compared to January 2004.

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

To view the tables and map accompanying this press release please click
on the following link:
http://www2.ccnmatthews.com/database/fax/2000/cmhc0308.pdf.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Canada Mortgage and Housing Corporation
    Cameron Muir
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 319-3179
    cmuir@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island Contact
    Cell: (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