Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2006 08:15 ET

Canada Mortgage and Housing Corporation: Housing Starts Take One Step Back in May

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 8, 2006) - Canada Mortgage and Housing Corporation (CMHC) figures indicate housing starts in the Vancouver CMA dipped 29 per cent to 1,270 units in May compared to the same month last year. Single detached starts increased 18 per cent to 490 units, while multiple starts fell 44 per cent to 780 units, compared to May 2005.

"Fewer housing starts in May were no surprise," said Cameron Muir, Senior Market Analyst. "Typically, rising multiple starts over a number of months, as was experienced February through April, will precipitate a short-lived dip in new construction activity."

"Low new home inventories and favorable economic conditions will keep Greater Vancouver home builders working flat-out again this year," added Muir. CMHC forecasts Housing starts in the Vancouver CMA to increase 8 per cent to 20,500 units in 2006, the highest number in more than a decade.

Year-to-date, housing starts in the Vancouver CMA increased 19 per cent to 8,667 units compared to the same period last year. Single detached starts climbed 40 per cent to 2,521 units, while multiple starts rose 13 per cent to 6,146 units, compared to the first five months 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/cmhc0608.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