September 16, 2011

New Construction Housing Starts Up From Last Year

The Canada Mortgage and Housing Corporation (CMHC) has recently reported that so far this year in the Vancouver Census Metropolitan Area (CMA) there were 11,477 units that have started construction, an increase of 21 per cent over the same period in 2010. August 2011 has maintained levels recorded for the month of August 2010 with 1,467 housing starts.

In Abbotsford, CMA reported that Multi-family construction represented almost half of all housing starts during the January 2010 to August 2010 period, compared to about one-fifth during the January to August 1010 period.

In CMHC's most recent Release, CarolIn  Frketich, CMHC’s BC Regional Economist said, “Most multi-family starts were located in the cities of Vancouver, Richmond, Surrey, Burnaby, and Coquitlam.”  “Multi-family starts represented just over three quarters of all housing starts so far this year, representing a slight increase from the historical ten year average,”

Equipped with the knowledge and support to assist Canadians in making vital decisions in regards to the housing industry, CMHC, Canada's National Housing Agency, provides impartial, reliable and up-to-date housing market reports. For more information, and to download CMHC’s housing reports, please visit CMHC’s website or call 1-800-668-2642.