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February Housing Starts in Metro Vancouver

FOR IMMEDIATE RELEASE

February Housing Starts in Metro Vancouver

VANCOUVER, March 8, 2012 - Canada Mortgage and Housing Corporation (CMHC) reports 1,870 housing starts in February 2012 in the Vancouver Census Metropolitan Area (CMA), compared to 1,414 starts the same month a year ago. Strength in multiple-family construction accounted for the majority of housing starts.

"Nearly 90 per cent of housing starts were multiple-family homes," noted Robyn Adamache, CMHC Senior Market Analyst. "Apartment starts accounted for the year-over-year increase, while starts of other housing types were slightly below levels recorded in February last year." Most home starts were in the cities of: Vancouver, New Westminster, Port Moody, and North Vancouver.

An increase in townhouse starts boosted construction in the Abbotsford-Mission CMA, where 64 housing starts were reported, up from 25 starts recorded in February 2011.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, and to download CMHC's housing reports, please visit CMHC's website at www.cmhc.ca/housingmarketinformation or call 1-800-668-2642.

For further information, please contact:
Robyn Adamache
Senior Market Analyst
Telephone (604) 737-4144
Cell (604) 787-9659
radamach@cmhc.ca