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Vancouver Real Estate Market (January 2012)

January 2012 Housing Starts in Vancouver and British Columbia

Vancouver, February 8, 2012 - Canada Mortgage and Housing Corporation (CMHC) reports that there were 1,555 housing starts in the Vancouver Census Metropolitan Area (CMA) in January 2012, compared to 1,436 starts in January 2011.

The increase in new home construction activity in Vancouver was mirrored in the provincial results. Housing starts in urban' areas of the province totalled 2,045 units in January, an increase of eight per cent compared to January 2011.

"Both single-detached and multiple-family housing starts were above year-ago levels," noted Carol Frketich, CMHC's Regional Economist. Multiple-family starts made up approximately four-fifths of the housing starts in urban areas of the province and in the Vancouver CMA. Most of these home starts were in the cities of Vancouver, Burnaby, Nanaimo, Coquitlam, and Surrey.

In the Abbotsford-Mission CMA, 16 housing starts were counted in the first month of 2012, down from 35 housing starts recorded during the same month a year ago.

Source: Canada Mortgage and Housing Corporation

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