Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 11, 2005 08:15 ET

Canada Mortgage and Housing Corporation: Fraser Valley Housing Starts Increase in June

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 11, 2005) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that housing starts in the Fraser Valley increased 3.5 per cent in June, compared to the same period last year. The Valley saw a total of 737 new homes started last month, of which 373 were multiple units and 364 were single detached homes. Single detached starts were down 8 per cent, while multiple starts increased 18 per cent, compared to June of 2004.

Total Fraser Valley housing starts have declined 17 per cent year-to-date, compared to the first six months of 2004. In the single detached market, starts dipped 23 per cent, while the multiples market registered a 10 per cent decline. A total of 1,755 single and 1,733 multiple units were started during the first two quarters of 2005.

"Consumer demand remains strong," said Robyn Adamache, CMHC Market Analyst. "Improving economic conditions have led to increased job growth, rising wages, and robust population growth. The fact that Fraser Valley housing starts have declined during the first half of the year is a result of a diminishing supply of developable land."

Across the province, housing starts dipped 5 per cent to 14,302 units during the first half of 2005, compared to the same period last year. Multiple starts remained strong, albeit declining 1 per cent to 9,049 units, while single detached housing starts fell 14 per cent to 5,253 units.

CMHC is Canada's housing agency. The BC & Yukon Regional Business Centre produces a variety of reports which highlight trends in the new and resale housing markets.

To view the tables accompanying this press release please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/HOUS0711.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Market Analyst
    (604) 737-4008
    radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria / Vancouver Island contact
    Cell: (250) 360-7322
    pprill@cmhc-schl.gc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior contact
    (250) 712-4334
    pfabri@cmhc-schl.gc.ca
    www.cmhc.ca