Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2009 13:14 ET

Canada Mortgage and Housing Corporation: July New Home Construction in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2009) - The latest figures released by Canada Mortgage and Housing Corporation (CMHC) reveal that housing starts continued to trend lower in July. During the last month, foundations were poured for 516 new homes, down 73 per cent from July 2008.

During the first seven months of the year, a total of 3,858 units were started in the Vancouver census metropolitan area (CMA) compared to some 12,082 units for the same period last year. Single-detached home starts have been trending up since the beginning of the year, accounting for almost half of the new developments in July.

Multiple-unit projects, on the other hand, continued to retreat. "Developers have been taking a wait and see approach towards the multi-unit market. There are still numerous projects under construction and a sound inventory of unsold new homes available," said Robyn Adamache, Senior Market Analyst at CMHC. "Homebuilding will remain modest until some of the inventory of new and existing homes is sold off."

At the provincial level, dwelling starts in urban areas, seasonally adjusted at annual rate (SAAR), slipped to 10,800 units from 12,000 units in June. Nationally, housing starts in all areas also eased to 132,100 units (SAAR) from 137,800 in June.

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 - homes that will continue to create vibrant and healthy communities and cities across the country.

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