According to Canada Mortgage and Housing Corporation (CMHC), housing starts in June continued to be modest, bringing the year-to-date number to 3,342, compared to some 8,448 starts in the same period last year.
During the month, foundations were poured for 571 new residential projects in the Vancouver CMA, of which 216 were for single-detached homes. "In terms of multiple-unit projects, we are seeing a shift from high-rise, concrete constructions to more low- to mid-rise condominium and townhouse developments," said Robyn Adamache, Senior Market Analyst at CMHC. "These more modest sized projects typically have shorter completion times, so developers are able to be more flexible in phasing supply to meet market demand."
"Moving forward, we are still on track to see the rate of housing starts decline moderately over the next six months," added Adamache. Housing purchases in recent months have gathered some momentum as homebuyers took advantage of lower prices and rushed to lock in at historically low mortgage interest rates.
Provincial home starts in areas with more than 10,000 people rose 25 per cent to 12,000 units, seasonally adjusted at annual rate (SAAR), from 9,600 units in May. Nationally, all area housing starts rose eight per cent to 140,700 units (SAAR) from 130,300 in May.
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 - homes that will continue to create vibrant and healthy communities and cities across the country.
For more information, visit www.cmhc.ca or call 1-800-668-2642.
Brent Irving
Mortgage Expert
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Tel: 604-764-6336
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