Burlington Apartments Led Starts in June

TORONTO, ONTARIO--(Marketwire - July 11, 2011) - Preliminary data released today by CMHC show that a rise in starts of apartments in Burlington contributed to keeping total starts on par in the Hamilton Census Metropolitan Area (CMA) last month. However, while apartment starts were up in Burlington, the more popular single-detached home starts fell by two-thirds. In Hamilton, there was a small decline in total starts, although single-detached and townhouses continued to drive that market. There were no semi-detached starts in the CMA last month.

Although starts were trending higher through the first half of the year, the pace has slowed down considerably as compared to last year. Total starts were approximately half of the level that they were last year. Starts of all home types have declined significantly on a year-over-year basis during the first half of the year, with the most substantial drop coming from the semi-detached, townhouse, and apartment sectors in Hamilton and Burlington.

"New apartments started in Burlington helped to keep starts up last month," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton. "However, a still-recovering job market has meant buyers are hesitant about making new home purchases, and this has dampened home-building activity," added Fong.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711hamge.jpg.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high 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 informed decisions. For more information, visit www.cmhc.ca or call 1 800 668-2642.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711hamte.jpg.

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