May Housing Starts
MAY HOUSING STARTS IN VANCOUVER
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity 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
VANCOUVER, JUNE 8, 2009 – May 2009 saw fewer housing starts for both single- and
multiple-unit new residential projects compared to last year. According to Canada Mortgage
and Housing Corporation (CMHC), foundations were poured for 469 homes during the month,
compared to 1,757 homes started during May 2008.
“Vancouver had 210 single-detached homes started in May, of which 88 were in Surrey,”
noted Robyn Adamache, Senior Market Analyst at CMHC. “Starts of multiple-unit projects
were concentrated in Richmond.”
“The number of housing starts is in line with CMHC’s forecast and the pace of decline is
expected to moderate during the latter part of the year. Low mortgage interest rates and
buyers’ market conditions will encourage housing purchases, which should help the
absorption of the existing inventories of new and resale housing,” added Adamache.
Provincial home starts in areas with more than 10,000 people slipped five per cent to 9,400
units, seasonally adjusted at annual rate (SAAR), from 9,900 units in April. Nationally, all area
housing starts rose nine per cent to 128,400 units (SAAR) from 117,600 in April as all
provinces except B.C. recorded an increase in new home construction activity 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
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