CMHC: Peterborough Housing Starts Down

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2011) - Canada Mortgage and housing Corporation (CMHC) released preliminary fourth quarter new home starts data for the Peterborough Census Metropolitan Area (CMA) today. In the fourth quarter builders started 83 homes, down from 129 for the same period of 2009. In 2010, starts were up nearly nine per cent from 2009. Growth shifted to outside Peterborough City with starts in Smith Ennismore Lakefield and Cavan-Millbrook-North Monaghan Townships more than doubling. Starts in these areas were mainly single-detached homes.

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"The slower pace of construction in Peterborough City reduced total starts in the fourth quarter. However, the strong performance in the first half of year helped maintain the annual number for 2010 above the previous year," said Abdellah Massaoudi, CMHC Market Analyst for the Peterborough CMA. "With housing prices rising in the urban core, single-detached home construction is increasing outside of the city where land is more readily available." added Massaoudi.

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.

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