Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 10, 2006 08:15 ET

Canada Mortgage and Housing Corporation: Spring Surge in Fraser Valley Homebuilding

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2006) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that housing starts in the Fraser Valley jumped nearly 64 per cent in the first quarter of 2006, over the same period last year. This impressive growth was driven mainly by strong activity on the multiples side. Multiple unit construction expanded 92 per cent, while single detached starts were up 38 per cent, compared to the first quarter of 2005.

"As home prices throughout the lower mainland continue to climb, homebuyers are looking to Fraser Valley communities as less expensive alternatives to markets closer to the core," according to Cameron Muir, Senior Market Analyst with CMHC. "Fraser Valley Builders are ramping up activity in response to this demand," said Muir.



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Average Price - Single Detached (New)
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Abbotsford CMA $426,953
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Chilliwack CA $317,770
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Vancouver CMA $636,745
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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/cmhc410b.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