February Starts Higher in Kitchener

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) increased in February compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 470 homes, more than triple the 133 units started in the same month of 2011.

"Housing starts were higher due to the increase in apartment construction. Strong demand from young adult households, immigrants and downsizing baby boomers supported the demand for both rental and condominium apartments. The new apartments represented infill and brownfield developments," said Erica McLerie, Senior Market Analyst at CMHC.

While single-detached and semi-detached house starts were lower, the increase in starts of townhouses and apartments pulled the overall total higher in February. Builders started 75 single-detached homes in February, down from the 84 homes started a year ago. Apartment construction increased to 375 units from 36 units last year, and was centred in the Cities of Kitchener and Waterloo. Only the City of Cambridge recorded lower starts.

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

(Ce document existe également en français)

To view accompanying graph and table, visit the following link: http://media3.marketwire.com/docs/Feb2012stats.pdf