Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2011 08:15 ET

Canada Mortgage and Housing Corporation: Third Quarter 2011 Housing Starts in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - Canada Mortgage and Housing Corporation (CMHC) reports 6,844 housing starts in urban1 British Columbia in the third quarter, compared to 6,316 starts in the third quarter of 2010. Single-detached starts totalled 2,169 in the July to September period.

Multiple-family construction, which includes apartments, townhouses and semi-detached homes, totalled 4,675 starts in the third quarter.

"The pace of homebuilding in urban areas of British Columbia was slightly ahead of year-ago levels," noted Carol Frketich, CMHC's BC Regional Economist. "Multi-family construction has accounted for an increased share of housing starts so far this year, led by Vancouver."

In British Columbia, the seasonally adjusted annual rate of urban housing starts2 moved higher to 27,400 units in September, from 23,100 units in August. Nationally, September's seasonally adjusted annual rate of total housing starts, including both urban and rural areas, increased to 205,900 units from the previous month's 191,900 units.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.

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1 Urban areas have populations of 10,000 or more persons.

2 Seasonally-adjusted annual rates are monthly housing starts figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. This adjustment facilitates the comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

To view the tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/cmhc107a.pdf

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