Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 11, 2007 08:15 ET

Canada Mortgage and Housing Corporation: Vancouver Housing Starts Slip in First Quarter

New Home Construction Ramping Up in Abbotsford

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 11, 2007) - Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that housing starts in the Vancouver CMA were down 15 per cent in the first quarter of 2007, compared to the same period last year. Single detached starts declined by 40 per cent, while multiple unit starts dipped five per cent.

"The decline in single family home starts is no surprise given that the first quarter of last year was the strongest first quarter for single detached home building in a decade and a half. Multiple starts, which account for the lion's share of the total, remain at historically high levels," said Robyn Adamache, Senior Market Analyst with CMHC. "New projects are selling out quickly and will break ground soon. This solid demand for new homes will keep new construction near the same level this year as last."

First Quarter housing starts in Abbotsford were up 23 per cent, year-over-year, for a total of 406 units. "Land availability and prices, which are more conducive to development compared to Vancouver, are driving growth in new home construction in Abbotsford. Relatively lower selling prices are drawing homebuyers to Fraser Valley communities such as Abbotsford and Chilliwack," added Adamache.

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.

To view the graph accompanying this press release please click on the following link:

http://www.ccnmatthews.com/docs/cmhc3.jpg

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

http://www.ccnmatthews.com/docs/cmhc1.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
    Paul Fabri
    Market Analyst - BC Southern Interior
    (250) 712-4334
    Email: pfabri@cmhc.ca
    Website: www.cmhc.ca