Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2011 08:15 ET

Hamilton Low-Rise Starts Down

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - Preliminary data released today by CMHC show total starts declined in the Hamilton Census Metropolitan Area (CMA) last month. The decline was led by fewer starts in the City of Hamilton, where low-rise starts fell by one-half as compared to September of 2010.

Meanwhile, in Burlington and Grimsby, total starts stayed on par with the same level as last year. Recently, there was a spike in the number of townhouses started in Grimsby. Builders started 44 townhouses in Grimsby last month, adding to the 51 townhouses started in August.

Demand has been low for new homes in general as potential buyers appear to be focused on the relatively less expensive resale market.

"Fewer people have been out looking for new homes given the uncertainty that continues to cloud the economy," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton. "Also, resale market listings this year have been, on average, higher than they been in more than a decade, and this has attracted the attention of many buyers," added Fong.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011hamge.jpg.

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 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 informed decisions. For more information, visit www.cmhc.ca or call 1 800 668-2642.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011hamte.jpg.

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