Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Starts Drop in December

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that housing starts in the Vancouver CMA dropped 26 per cent to 1,199 units in December compared to the same period last year. In the single-detached market, starts fell 41 per cent to 214 units, while multiple-family dwelling activity recorded a 23 per cent decline to 985 units. As a result, total starts for 2006 reached 18,597 dwellings, a decline of two per cent from 2005.

"Despite the significant decline in December, activity in 2006 was robust, with housing starts surpassing the 10 year average of 14,000 units by a wide margin," remarked Bryan Yu, a CMHC market analyst. "In fact, single-detached housing starts were up 13 per cent over 2005, and marked the second highest level of activity since 1994," he added.

In urban BC centres (populations of at least 10,000 individuals), housing starts in 2006 increased four per cent to 32,463 as compared to 2005. Multiple starts increased three per cent to 20,266 units, while single detached starts rose six per cent to 12,197.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for over 60 years. 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 map and tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/cmhc109a.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Bryan Yu
    Market Analyst
    (604) 737-4008
    Email: byu@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island contact
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior contact
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca