Canada Mortgage and Housing Corporation: Vancouver Housing Starts Spike in February

Market Wire, March, 2008

Preliminary figures from Canada Mortgage and Housing Corporation (CMHC) indicate that housing starts in the Vancouver Census Metropolitan Area (CMA) spiked in February to 2,446 homes, almost double the level recorded in the same month last year. Multiple family homes made up close to 90 per cent of all housing starts in the region. Single detached housing starts were below 2007 levels for the second consecutive month.

To view the graph accompanying this release please click on the following link: http://media3.marketwire.com/docs/0310cmhc.jpg

"With apartments and townhomes being relatively less expensive than single detached houses, the demand for multiple family homes will remain high in 2008," said Richard Sam, Market Analyst with CMHC. "As a result, developers are increasing the number of multiple family homes, especially apartment condominiums, being built in centres throughout Metro Vancouver."

For the first two months of the year, housing starts were 11 per cent below 2007 totals in the Abbotsford CMA, despite a strong February that had multiple family home starts up 72 per cent compared to last year. Further east, housing starts in the Chilliwack CA were below 2007 totals by more than one-third, with multiple family home starts down by 41 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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To view the map and tables accompanying this release please click on the following link: http://media3.marketwire.com/docs/0310cmhc.pdf

Contacts: Canada Mortgage and Housing Corporation Richard Sam Market Analyst (604) 737-4089 Email: rsam@cmhc.ca Canada Mortgage and Housing Corporation Peggy Prill Market Analyst - Victoria / Vancouver Island Cell: (604) 737-4076 Email: pprill@cmhc.ca Canada Mortgage and Housing Corporation Paul Fabri BC Southern Interior (250) 712-4334 Email: pfabri@cmhc.ca Website: www.cmhc.ca