Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 11, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Strong Multiple Unit Homebuilding in August Pushes Home Starts Up

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that thanks to a busy month of new home construction in the Vancouver CMA, year-to-date housing starts are approaching last year's level. Total starts for the first eight months of the year lagged by just five per cent. While multiple unit starts have surpassed activity for the same period last year, single detached home starts continued the downward trend established since the beginning of 2007.

"New multiple unit projects in suburban communities such as Burnaby, the Tri-Cities, Langley and Surrey pushed August multiples starts to nearly double the level for the same month last year," said Robyn Adamache, senior market analyst with CMHC. "Strong MLS® sales and a downturn in the number of active listing will keep demand for new homes strong as those having difficulty finding a previously owned home look to the new construction market as an alternative."

To view the graph accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/0911cmhc.jpg

Home starts in BC's urban areas for the first 8 months of 2007 registered a two per cent dip compared to the same period last year. Multiple unit starts were up eight per cent over last year's level, while single family home building declined nearly 20 per cent.

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 tables accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/0911cmhc.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
    Cell: (250) 360-7322
    Email: pprill@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Carol Frketich
    BC Southern Interior
    (250) 363-8042
    Email: cfrketic@cmhc.ca
    Website: www.cmhc.ca