Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2010 08:15 ET

Canada Mortgage and Housing Corporation: January Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2010) - According to Canada Mortgage and Housing Corporation (CMHC), 917 new housing units broke ground in the Vancouver Census Metropolitan Area (CMA) in January, 50 per cent higher than the same month a year ago. Surrey led with 295 new housing starts, closely followed by Vancouver with 234 starts.

Multiple-unit housing starts showed strength in January. Concrete was poured for more than 400 apartment homes in the Vancouver CMA, 85 of which will be for the rental market. "Stronger new home construction in January was a continuation of the trend that began in the latter part of 2009. This trend is forecast to be sustained over the coming months," remarked Robyn Adamache, Senior Market Analyst at CMHC.

In the Abbotsford CMA, foundations were poured for a total of 26 homes during the first month of 2010, compared to 13 starts during the same period twelve months prior.

Provincial home starts surged to 24,800 units, seasonally adjusted at annual rates (SAAR) in January, compared to 20,700 in December. At the national level, housing starts rose to 186,300 units SAAR in January from 176,100 units in December

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

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