Aug 11, 2008 08:15 ET
Canada Mortgage and Housing Corporation: High Home Starts Begin Second Half of 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2008) - Preliminary results from Canada Mortgage and Housing Corporation's (CMHC) monthly starts and completions survey indicate another month of high housing starts. The number of homes started in July was a quarter over the figure recorded for the same month last year. For the first seven months of 2008, housing starts are up eleven per cent from 2007 figures on the strength of new multiple family construction.
"Despite more homes being available on the resale market throughout the year, developers have moved forward and begun construction on projects that have been in the planning stage," said Richard Sam, market analyst with CMHC. "With a number of multiple family projects still in the pending stage, expect housing starts to be at high levels for the rest of the year."
Housing starts began the second half of 2008 on a down note in the Abbotsford CMA. A drop in multiple family construction had home starts at less than half the total of July 2007. Overall, housing starts are still up in the Abbotsford CMA based on a number of higher density projects started during the first six months of the year.
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. For more information, visit www.cmhc.ca or call 1-800-668-2642.
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