VANCOUVER, BRITISH COLUMBIA--(MyMortgageBC.com - Jan. 11, 2010) - According to Canada Mortgage and Housing Corporation (CMHC), 1,010 new housing starts were recorded in the Vancouver Census Metropolitan Area for December, nine percent lower than the same month a year ago. For the year 2009, home starts in the Vancouver CMA totaled 8,339, down from 19,591 for the previous year.
For the most part of the year, multiple-unit residential starts have been weak. "However, Surrey, where population density is markedly lower than Vancouver City, picked up the slack with strong single-detached housing starts," remarked Robyn Adamache, Senior Market Analyst, CMHC. "The fact that we are beginning to see some larger scale multiple-unit residential projects breaking ground, bodes well for a healthier level of housing starts in 2010."
In the Abbotsford CMA, foundations were poured for a total of 365 homes during 2009, compared to 1,285 starts during the previous year.
Provincial home starts jumped to 18,800 units, seasonally adjusted at annual rates (SAAR) in December, compared to 17,300 in November. At the national level, housing starts rose to 174,500 units (SAAR) in December from 164,800 units in November.
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.
Brent Irving
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