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AUGUST HOUSING STARTS IN VANCOUVER


Blog by Shaun Kimmins | September 25th, 2009


VANCOUVER, September 9, 2009 reported a jump in housing starts in the Vancouver CMA during the month of August.

 

Foundations were poured for some 927 new residential units, bringing the year-to-date

number to 4,782. In the same eight-month period last year, there were over twelve thousand

starts in the Vancouver CMA.

These housing starts were mostly concentrated in Surrey and New Westminster, where larger

scale multiple unit residential projects helped to boost the two municipalities’ starts

contribution. In other municipalities, single-detached and smaller-scale multiple unit housing

starts continued to dominate.

“We are starting to see a return of more sizeable projects,” said Robyn Adamache, Senior

Market Analyst at CMHC. “If we see a sustained trend of strong sales combined with declining

inventories in the resale market, more builders may be encouraged to start new projects in the

months ahead. CMHC is forecasting a pick up in housing starts in the later part of the year.”

Provincial home starts in areas with more than 10,000 people rose 57 per cent to 17,000

units, seasonally adjusted at annual rate (SAAR), from 10,900 units in July. Nationally, all

area housing starts was also higher at 150,400 units (SAAR) from 134,200 in July.

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.

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Canada Mortgage and Housing Corporation (CMHC)

For more information, visit

www.cmhc.ca or call 1-800-668-2642.

For further information, please contact:

Robyn Adamache

Senior Market Analyst

(604) 737-4144

radamach@cmhc.ca

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