B.C. housing starts lower

Greater Vancouver housing starts showed another substantial drop in April leaving new home construction at about one-third the level when compared to a year ago, according to figures released by CMHC (Canada Mortgage and Housing Corp). Province-wide, the national housing agency is forecasting that builders will start work on 19,725 new housing units, an almost 43-per-cent decline from 2008. The crown corporation expects the decline in sales will level out later in 2009 as first-time-buyers are attracted back into the market by lower prices and low mortgage rates.

BC-wide, CMHC is forecasting that builders will start 19,725 new housing units, an almost 43 percent decline from last year. Builders will remain on the sidelines until some of the existing new and resale inventory is absorbed.