Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 11, 2005 08:15 ET

Canada Mortgage and Housing Corporation: Second Quarter Housing Starts Up Sharply

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - July 11, 2005) - The Prince George new home market has continued to improve, according to Canada Mortgage and Housing Corporation (CMHC). Housing starts jumped 73 per cent to 88 units in the second quarter of 2005 from 51 units last year. The singles sector remains the focus of residential construction activity.

"Second quarter singles starts rose to the highest quarterly level since 1997," noted CMHC Market Analyst Paul Fabri. "Rising employment and low interest rates have been key drivers, fueling demand for both new and resale housing," explained Fabri. Consumers are upbeat. "Also, with resale house prices trending up and the supply of listings down sharply, more buyers are turning to the new home market," he added. The inventory of complete and unoccupied single-detached units is low, pointing to more opportunity for expansion.

Across B.C., second quarter urban housing starts fell almost nine per cent compared to the same period in 2004. Fewer Vancouver area starts accounted for most of the decline. B.C.'s new home market remains buoyant despite the drop in second quarter construction activity.

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

Contact Information

  • Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst
    (250) 712-4334
    pfabri@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Cameron Muir
    Senior Market Analyst - Vancouver Contact
    (604) 737-4144
    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