Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2005 08:30 ET

Canada Mortgage and Housing Corporation: High Levels of New Home Construction Continue

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) - The Prince George new home market showed further improvement during the third quarter of 2005, according to Canada Mortgage and Housing Corporation (CMHC). The number of housing starts increased 11.2 per cent to 86 units in the third quarter from the 77 units started during the same quarter of last year.

Single-detached homes accounted for almost all of the increase in new housing starts during the third quarter and ninety per cent of the starts so far in 2005. There were 195 single-detached houses started during the January to September period, a 43.4 per cent increase from the 136 houses started during the first nine months of 2004.

"Rising employment and low interest rates are the key drivers fueling demand for both new and resale housing," noted CMHC Regional Economist Carol Frketich. "More buyers are turning to new homes to meet their housing needs as resale house prices are trending up and the supply of listings is down," she added.

Across British Columbia, third quarter urban housing starts were down 1.1 per cent compared to the same period in 2004. So far in 2005, multiple-unit starts have increased 3.7 per cent, while single-detached starts were down 10.8 per cent.

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.

Contact Information

  • Canada Mortgage and Housing Corporation
    Carol Frketich
    Regional Economist
    (250) 363-8042
    Canada Mortgage and Housing Corporation
    Cameron Muir
    Senior Market Analyst - Vancouver Contact
    (604) 737-4144
    Canada Mortgage and Housing Corporation
    Peggy Prill
    Market Analyst - Victoria/Vancouver Island Contact
    Cell: (250) 360-7322
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Contact
    (250) 712-4334