February Starts Higher in Hamilton

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - Total new home starts in the Hamilton Census Metropolitan Area (CMA) surged upwards in February according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). At 375, starts more than tripled from the 102 homes started in February a year ago. Starts were unusually high for this time of year, but warmer weather continued to be favourable to new home construction.

"A new condominium apartment in Burlington and townhouses in Hamilton and Grimsby led starts in February," said Sarah Fong, CMHC Senior Market Analyst for the Hamilton and Brantford area. "Higher-density construction is becoming more common in the Hamilton CMA, as builders aim to meet the needs of buyers today, many of whom have smaller households and thus find higher-density living is suitable," added Fong.

Nearly 80 per cent of total starts during the month of February were of townhouses (mostly freehold) and condominium apartments. Townhouses in Hamilton and Grimsby, and condominium apartments in Burlington led the rise in new home construction in February. Townhouse building has become more prevalent in Grimsby in recent months, and the trend is expected to continue as the city accommodates the rising population. Population growth in Grimsby was 5.8 per cent in 2011, as compared to the previous census year in 2006.

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 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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A table and a chart are available at the following address: http://media3.marketwire.com/docs/CMHC_Hamilton0307_EN.pdf