Vancouver Real Estate: Housing Starts Near Record Levels in 2007
More good news for the Vancouver and Canadian real estate markets came today as Canada Mortgage and Housing Corporation (CMHC) released their reports on housing starts across Canada and from larger centres across the country. Across Canada housing starts remained up fo rthe year despite a weak December.
“Growth in 2007 housing starts was driven by low mortgage rates, solid employment, income growth and a high level of consumer confidence, said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Even with the weakness in residential construction in December, new home starts are estimated at 229,600 units in 2007, surpassing 2006 levels.”
CMHC reported that Vancouver housing starts, driven by multiple unit starts, were higher than they've been in 50 years. Over 80% of new starts were of muliple family homes. There are some nice charts and graphs in the report for your visual pleasure.
Matthew Collinge: www.604homes.com - Royal LePage Westside
