Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2010 08:15 ET

CMHC: June Housing Starts in the Lower Mainland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2010) - According to Canada Mortgage and Housing Corporation (CMHC), 1,250 housing starts were recorded in June 2010 across the Vancouver Census Metropolitan Area (CMA), bringing the total number of housing starts for the first half of the year to 6,881 homes.

"We have had a steady pace of new projects breaking ground, and together with a significant increase in the value of residential building permits recorded in May, we are well on track for total housing starts in 2010 to surpass the 10,000 mark," noted Robyn Adamache, Senior Market Analyst with CMHC. "But the current rate still suggests that we are likely to remain under the ten-year average level of 15,360 units."

"Rental housing starts have totalled 475 units so far this year," remarked Adamache, "surpassing the levels seen for the same period over the past five years. Given the steady pace of immigration adding to the region's population, builders are responding to demand for this type of housing."

In the Abbotsford CMA, 32 homes were started during June, all of which were single-detached houses. There have been 238 housing starts during the first half of 2010 in Abbotsford.

Nationally, housing starts were down slightly in June, slipping to 189,300 units, seasonally adjusted at annual rates (SAAR). In urban British Columbia, the seasonally adjusted annual rate of housing starts moved higher, edging up to 23,600 units, SAAR.

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. 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 vital decisions.

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

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