Condos Lead Hamilton Starts

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2011) - Preliminary data released today by CMHC show that over 250 homes were started last month in the Hamilton Census Metropolitan Area (CMA). More than half of these new homes were condominium townhouses and apartments. The relatively low prices of these homes continued to attract prospective buyers.

Nearly 90 per cent of all new home starts occurred in the City of Hamilton last month. Starts reached a monthly high at 224 - the highest level of starts in the city since September of 2010. A condominium apartment building downtown, a rental apartment building, singles, semis and townhouses all added to total starts in the city last month. The mostly single-detached starts in Burlington and Grimsby made up the remaining 10 per cent of starts in the CMA.

"Both high rise and low rise homes in the City of Hamilton contributed to starts activity last month. The new home market continues to offer a variety of options for prospective buyers," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton.

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 housing solutions. 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. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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