Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver New Home Construction up in May

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) - High home starts in May brought year-to-date new construction in the Vancouver CMA closer to last year's level. Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that housing starts for the first five months of 2007 now sit just 12 per cent below the same period last year, an improvement over the past few months. "Year-to-date, multiple unit starts are now on par with last year, while single family homebuilding is still well below the near record level achieved last year," according to Robyn Adamache, Senior Market Analyst with CMHC.

Home starts in the Vancouver CMA recovered in May from the year-over-year declines of the past three months, with a 50 per cent increase to 1,902 units. Multiple unit construction was the driving force behind this up-tick, with nearly twice as many starts recorded in May, compared to the same month last year. Single family home starts were down by one quarter.

"Strong demand for the more affordable home types will keep many builders focused on apartment and townhouse condominium projects. And with homebuyer demand expected to remain strong through this year and next, construction activity will stay at high levels," said Adamache.

Provincial numbers show a similar pattern. Housing starts in BC's urban areas were up 30 per cent to 3,027 units in May, compared to the same month of 2006. Multiple unit starts increased by two-thirds, while single detached home starts declined 11 per cent.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

To view the map, tables and graph accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/0607cmhc.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    Email: radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca