Urban Vancouver Island Housing Starts – February 2010
Mar 08, 2010
(News Release) VICTORIA – The Canada Mortgage and Housing Corporation (CMHC) reports that 234 housing starts were recorded across urban Vancouver Island markets in February.
Driven by single-detached new home construction, the level of February housing starts was more than three times the level recorded in February 2009. Note that the first few months of 2009 saw some of the lowest levels of homebuilding on record, so comparisons are large, and should not be overstated. Home starts this year are forecast to be above 2009 levels but below the five year.
“Vancouver Island builders are responding to the strong resale market and recovering economy,” said Travis Archibald, CMHC Senior Market Analyst. “Through the first two months of 2010 construction has begun on 625 urban Vancouver Island homes, which is significantly higher than the 243 recorded during the first two months of 2009.”
February home starts increased relative to January 2010 at both the provincial and national levels. Urban B.C. housing starts increased eight per cent to 26,900 SAAR (seasonally adjusted at an annual rate), while total Canadian starts (including starts in rural areas) climbed six per cent to 196,700 SAAR.
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. 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 vital decisions.