First Quarter Starts Lower in Guelph

TORONTO, ONTARIO--(Marketwire - April 11, 2012) - New residential construction in the Guelph Census Metropolitan Area (CMA) decreased in the first quarter compared to the same quarter of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 122 homes, down from the 194 units started in the same quarter last year.

"Housing starts were lower due to the absence of apartment construction, but apartment construction can vary substantially from quarter to quarter. Of more significance was the slight increase in single-detached starts. A limited number of registered lots available for single-detached construction has constrained detached starts and any increase in this type of construction is welcome to new home buyers," said Erica McLerie, Senior Market Analyst at CMHC.

Puslinch Township is now part of the Guelph CMA, but despite the larger area, housing starts still declined. While single-detached and townhome starts were higher, lower semi-detached starts and the lack of apartment construction pulled overall starts lower. Builders started 55 single-detached homes in the first quarter, up from the 44 homes started a year ago. Townhome starts edged higher to 51 units from 36 units in the same quarter last year.

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.

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