Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 10, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Busiest Month of Vancouver Homebuilding in Thirty Years

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2007) - According to Canada Mortgage and Housing Corporation (CMHC) preliminary figures, November home starts in the Vancouver Census Metropolitan Area (CMA) hit the second highest monthly level ever recorded. While some of November's strength can be explained by projects delayed in previous months due to the civic strike in the City of Vancouver that are now breaking ground, other municipalities such as Surrey and the Tri-Cities also recorded monthly increases. The surge in condominium construction since the beginning of the year has pushed the January to November tally up 12 per cent over the same period last year.

"With a month to go this year, homebuilding has already edged above the most recent annual starts peak of 2004," said Robyn Adamache, senior market analyst with CMHC. "A spate of new multiple unit projects is behind the increase. Construction of single family homes has declined in all communities except North Vancouver, where infill building has this district bucking the trend."

As for Fraser Valley home construction outside of the Vancouver CMA, year-to-date, Abbotsford CMA home starts are below last year's, while multiple unit construction in the Chilliwack CA has total starts for this centre well above last year's.

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.

(Ce document existe egalement en francais)

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

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144
    Email: radamach@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
    BC Southern Interior Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca