Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2009 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Starts Move Lower in First Quarter

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 8, 2009) - According to Canada Mortgage and Housing Corporation (CMHC), builders broke ground on fewer new single detached homes and multiple unit projects. The number of new homes started in the first quarter was down by almost two-thirds, compared to the same period last year.

"The slowing housing starts trend that began in the last part of 2008 will continue. A well-supplied resale market and a growing stock of unsold new homes on the market, mean that developers are holding off on new projects until more of the existing inventories are absorbed," said Robyn Adamache, senior market analyst, CMHC.

Moving east to Abbotsford, 47 new homes were started in the first three months of 2009, a fraction of the 435 units that began construction in the same period last year.

Urban B.C. home starts declined to 10,000 units, seasonally adjusted at annual rates (SAAR) in March, from 12,100 (SAAR) in February. At the national level, housing starts increased to 154,700 units (SAAR) in March from 136,100 units (SAAR) in February.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes - homes that will continue to create vibrant and healthy communities and cities across the country.

(Ce document existe egalement en francais)

To view the map and tables accompanying this press release please click on the following link:

http://media3.marketwire.com/docs/CMHCtables%26map.pdf

Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659
    Email: radamach@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Travis Archibald
    Market Analyst - Victoria / Vancouver Island Home Starts
    Cell: (604) 999-7420
    Email: tarchiba@cmhc.ca
    or
    Canada Mortgage and Housing Corporation
    Paul Fabri
    Market Analyst - BC Southern Interior Home Starts
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca