Housing starts in Metro Vancouver are down five per cent

VANCOUVER BC, Sep 22, 2007 - According to the Canadian Mortgage and Housing Corp. (CMHC) housing starts in Metro Vancouver are down five per cent so far this year compared to 2006.

Construction of multi-family units, however, were up about five per cent in the seven months to the end of August, offsetting a 30 per cent drop so far in starts of single detached houses.

Total new units started in the region was 12,723 in the first eight months of the year, compared to 13,437 in the same 2006 period.

Multi-family units made up more than three-quarters of the new starts.

Vancouver starts are down by one third so far this year to 2,051, and Surrey’s are down 22 per cent to 2,466. Multifamily units made up more than 80 per cent of Vancouver units and more than 60 per cent of Surrey’s.