Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 10, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Busy June Propels Vancouver Homebuilding Up Near Year-Earlier Levels

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that Vancouver CMA housing starts for the first half of 2007 came in just slightly below the same period last year. Single detached home starts were down by one third, while multiple unit starts surpassed last year's level.

"Demand for new homes will remain solid going forward, buoyed by strong job growth and robust MLS® sales in markets across the Lower Mainland," said Robyn Adamache, senior market analyst with CMHC. "While the recent up-tick in mortgage rates may curb demand in the long term, the prospect of gradually rising mortgage rates is also spurring some potential buyers into action sooner rather than later."

Unlike relatively more expensive Vancouver CMA communities, growth in Abbotsford homebuilding has been on the side of single detached homes, which saw an increase of nearly 40 per cent in the first half of the year. So far this year, multiple unit starts are on par with last year's performance. Year-to-date, housing starts in Abbotsford were up 12 per cent compared to the first six months of 2006.

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 graph, map and tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/cmhc709b.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
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca