CMHC Reports February London Housing Starts Lower

LONDON, ONTARIO--(Marketwire - March 8, 2011) - New home starts were lower in the London Census Metropolitan Area¹ (CMA) in February according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 69 residential units compared to 156 in February 2010.

"Last month's starts were well below the 10-year average for February in London," said Margot Stevenson, CMHC's Market Analyst. "Starts were lower in all of the municipalities included in the CMA," she noted. "The Bank of Canada's decision to hold rates steady and improving employment opportunities locally will contribute to support demand for new homes" added Stevenson.

As Canada's national housing agency, CMHC draws on more than 65 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 informed decisions.

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¹ Statistics Canada defines a census metropolitan area (CMA) as one or more adjacent municipalities integrated with an urban core. A CMA must have a total population of at least 100,000 of which 50,000 or more must live in the urban core.

To view the chart associated with this release, please visit the following link:

http://media3.marketwire.com/docs/CMHC7.pdf