Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 12, 2010 08:15 ET

Kingston Starts Surged in the First Quarter of 2010

OTTAWA, ONTARIO--(Marketwire - April 12, 2010) - According to data released today by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Kingston Census Metropolitan Area (CMA) increased in the first quarter of 2010, a sign that the local economic recovery is becoming more entrenched. Total starts surged to 86 units or 53 units higher than in the same period in 2009.

The surge in housing starts this first quarter can be attributed entirely to expansion in new single-detached construction, which offset the decline in row starts. While row starts were down by four units, semi-detached and apartment starts remained flat.

Kingston City showed strength in the first quarter of 2010, where total new home construction jumped by 133 per cent or 36 units higher than in the first quarter of last year. Construction activity was up 16 units in the Loyalist Township, and by one unit in the Frontenac Islands. Housing starts remained flat at 2 units in the South Frontenac Township.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc_chart_kingston.pdf

"Growth in housing starts this first quarter was driven by historically low mortgage rates and improving economic conditions," noted Abdul Kargbo, Market Analyst at CMHC for Kingston. The Kingston unemployment rate is considered one of the lowest in Ontario, with March showing a marginal increase of only 0.2 per cent from 5.8 per cent in February 2010 to 6.0 per cent (seasonally adjusted).

"In addition to the labour market stability in Kingston, the existing home market remains healthy with sales posting an 18 per cent increase this February compared to last year. The strength in resale activity continues to boost confidence in the Kingston existing home market which is spilling over into the new homes market," concluded Kargbo.

Housing Starts - Kingston CMA
  Singles   Semi Row Apt. Semi Row Apt.   Total  
First Quarter 2009 2010   2009     2010   2009 2010 % Change
                       
Kingston City 23 63 0 4 0 0 0 0 27 63 133%
Frontenac Islands 1 2 0 0 0 0 0 0 1 2 100%
Loyalist 3 19 0 0 0 0 0 0 3 19 533%
South Frontenac 2 2 0 0 0 0 0 0 2 2 0%
Kingston CMA 29 86 0 4 0 0 0 0 33 86 161%
                       

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. For more information, visit www.cmhc.ca or call 1-800-668-2642.

Contact Information

  • Kingston:
    Canada Mortgage and Housing Corporation
    Abdul K. Kargbo, Market Analyst
    613-748-5129
    akargbo@cmhc.ca
    or
    En Francais:
    Canada Mortgage and Housing Corporation
    Edward Heese, Senior Market Analyst
    416-218-3369
    eheese@cmhc.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos, Regional Economist
    416-218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol, Senior Media Relations Officer
    (613) 748-2799
    csauriol@cmhc.ca