Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2009 08:15 ET

Canada Mortgage and Housing Corporation: May Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2009) - May 2009 saw fewer housing starts for both single- and multiple-unit new residential projects compared to last year. According to Canada Mortgage and Housing Corporation (CMHC), foundations were poured for 469 homes during the month, compared to 1,757 homes started during May 2008.

"Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey," noted Robyn Adamache, Senior Market Analyst at CMHC. "Starts of multiple-unit projects were concentrated in Richmond."

"The number of housing starts is in line with CMHC's forecast and the pace of decline is expected to moderate during the latter part of the year. Low mortgage interest rates and buyers' market conditions will encourage housing purchases, which should help the absorption of the existing inventories of new and resale housing," added Adamache.

Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400 units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all provinces except B.C. recorded an increase in new home construction activity in May.

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.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

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