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Canada Mortgage and Housing Corporation: Solid Vancouver Home Starts Point to a Robust Year Ahead
My Mortgage BC.com note: This is a press release related only to housing starts. I don't feel it's an indicator as to where housing prices, mortgage rates or where demand will be. My thoughts are to take this press release from CMHC with a grain of salt. I'm a mortgage broker that can help you with all of your needs. Don't hesitate to contact me at 604-764-6336.
VANCOUVER, BRITISH COLUMBIA-- Feb. 8, 2008 - On the heels of one of the busiest years of new home construction, preliminary Vancouver Census Metropolitan Area (CMA) figures from the Canada Mortgage and Housing Corporation (CMHC) show home starts for January keeping pace with last year's. A slight increase in multiple unit (semi-detached, townhouse and apartment) starts offset a small decline in single family homebuilding to keep the total number of home starts almost exactly on par with those in January 2007. Foundations were poured for 1,332 homes in January, with more than eighty per cent of those being multiple unit projects.
"Strong demand for the more affordable home types and condo-style amenities will keep builders focused on apartment and townhouse condominium projects. And with homebuyer demand expected to remain strong through this year and next, construction activity will stay at high levels," according to Robyn Adamache, senior market analyst with CMHC.
The provincial numbers show that housing starts in BC's urban areas were down eight per cent to 2,342 units in January, compared to the same month of 2007. Single detached starts increased by six per cent, while multiple unit home starts declined 11 per cent.
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. |
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