Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 10, 2007 08:15 ET

Canada Mortgage and Housing Corporation: British Columbia Multi-Family Starts Set Record

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that starts for multi-family homes in urban British Columbia recorded a 10 per cent gain during the first half of 2007 compared to same period of 2006. Total housing starts, on the other hand, edged down marginally, due to a pull-back in single-detached starts.

"While high home prices continue to erode housing affordability across the province, developers are offering more cost-effective products to help potential buyers realize homeownership," said Andy Ni, Market Analyst at CMHC's BC Market Analysis Centre. "As a result, during the first half of 2007 multi-family starts, including semi-detached, row, and apartment condominiums, reached the highest level for the same six-month-period since 1991."

Nationally, the seasonally-adjusted annual rate(1) of housing starts was 226,500 units during the second quarter, up from 222,100 units during the first quarter of 2007.

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. For more information, visit www.cmhc.ca or call 1-800-668-2642.

(Ce document existe egalement en francais)

(1) Seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

To view the graph and tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/cmhc709a.pdf

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