Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2011 08:15 ET

Hamilton Home Starts Fell in March

TORONTO, ONTARIO--(Marketwire - April 8, 2011) - New home starts in the Hamilton Census Metropolitan Area (CMA) fell by just over 30 per cent to 125 starts in March, according to preliminary starts data released by Canada Mortgage and Housing Corporation (CMHC) today. While there was a slight decline of single-detached starts, the bulk of the decrease came from the semi-detached, townhouse, and apartment sectors where just 22 townhouses were started last month.

Weaker starts in March reflect a downward trend for the first quarter, where total starts were below the average for this time of year. Although single-detached starts fell by approximately one-quarter, starts of semi-detached, townhouses, and apartments declined to just 294 starts for the quarter. It is important to note, however, that starts of these homes were exceptionally higher last year.

"While total starts lagged behind last year's level, it is important to note that there was an unusually high level of starts activity in 2010" said Sarah Fong, CMHC's Senior Market Analyst for Hamilton. "Low mortgage rates had encouraged first-time buyers which boosted activity in early 2010."

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As Canada's national housing agency, CMHC draws on more than 60 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 vital decisions.

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