Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2006 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Starts Rebound in November

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 8, 2006) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that housing starts in the Vancouver CMA rose five per cent to 1,405 units in November compared to the same period last year. Multiple starts climbed 10 per cent to 1,002 units, while single-detached starts dipped six per cent to 403 units compared to the same month last year.

"After experiencing lower levels of activity for the last three months compared to 2005, starts rebounded in November as multi-family starts propelled higher," said Andy Ni, market analyst. "The rally was strong enough to surpass the negative impact of unusually wintery weather last month."

"Growth in the overall stock of housing, especially multi-family homes, will provide a wider selection of housing for consumers and improve housing affordability for homebuyers," added Ni.

Across the province, urban housing starts dipped three per cent to 2,443 units in November, over the same period last year. Multiple starts increased ten per cent to 1,554 units, while single detached starts declined 19 per cent to 889 units last month.

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/CMHC1208.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Andy Ni
    Market Analyst
    (604) 737-4052
    Email: ani@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