Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Fraser Valley Housing Starts Jump 24% in 2006, Busiest Since 1994

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 9, 2007) - Canada Mortgage and Housing Corporation (CMHC) figures indicate that homebuilding in the Fraser Valley recorded one of its busiest years since 1994. There were 9,781 residential units started in the Fraser Valley in 2006, a 24 per cent jump compared to the previous year. An increase in starts for both single and multiple housing types were posted from 2005 to 2006 with multiple construction increasing 36 per cent to 5,238 units and single detached increasing 11 per cent to 4,523 units.

In contrast, total housing starts for the month of December dropped nearly 58 per cent compared to the same month last year. The Valley recorded a total of 359 new units started in December, of which 184 units were single detached homes and 175 units were multi-family. A combination of poor weather plus builders starting a larger portion of units in October and November contributed to the decline in housing starts in December.

"Even though starts were sluggish for the month of December, demand for new housing remained high through the fourth quarter of 2006," says Richard Sam, CMHC Market Analyst. "Local population gains, job growth and lower home prices in the Fraser Valley have fueled demand for new housing in the area."



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Average Price - Single Detached New
(January - November 2006)
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Abbotsford CMA $461,616
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Chilliwack CA $365,295
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Vancouver CMA $703,051
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Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for over 60 years. CMHC contributes to improving the living conditions and the well-being of Canadians through four areas of housing activities - housing finance, assisted housing, research and information transfer, and export promotion. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, and making vibrant and sustainable communities and cities a reality across the country. For more information, visit www.cmhc.ca or call 1 800 668-2642.

To view the accompanying charts, please click on the following link: http://www.ccnmatthews.com/docs/cmhc109b.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Richard Sam
    Market Analyst
    (604) 737-4089
    Email: rsam@cmhc.ca
    Website: www.cmhc.ca