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Canada Mortgage and Housing Corporation: Vancouver New Home Starts Dip in February
VANCOUVER, BRITISH COLUMBIA--March 8, 2007- Canada Mortgage and Housing Corporation (CMHC) preliminary figures indicate that housing starts in the Vancouver CMA were down 37 per cent in February to 1,248 units, compared to the same month last year. Both single detached and multiple unit starts declined in February, by 42 per cent and 36 per cent, respectively. A total of 299 single detached homes and 949 multiple units were started in February.
"Despite the substantial drop in starts activity in February, new home building is expected to remain robust in 2007, coming in at about the same level as last year thanks to continuing strong demand for housing. The decline recorded for the month is in comparison to February 2006, which saw the highest level of starts for that month since 1989," said Robyn Adamache, Senior Market Analyst with CMHC. "The number of units under construction remains near historically high levels, with over 21,000 units underway. As well, there are numerous projects in the pipeline that have not yet been started, but are marketing and should come on stream over the next year or two," added Adamache.
Across the province, urban housing starts declined 25 per cent to 2,074 units in February, compared to the same month last year. Single-detached starts were down 30 per cent to 670 units, while multiple starts dipped 23 per cent to 1,404 units.
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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