Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2011 08:15 ET

July Starts Slightly Lower in Kitchener

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Canada Mortgage and Housing Corporation (CMHC) released July preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area(1) (CMA) today. Construction began on 274 homes, down slightly from the 289 units started in the same month last year.

Builders poured foundations for 119 single-detached homes in July, up from the 95 units started in July 2010. While starts declined for semi-detached homes and apartments, townhouse starts increased. Starts were higher in only two municipalities, the City of Kitchener and North Dumfries Township. For the first seven months of 2011, housing starts were lower, declining to 1,406 units from the 1,856 units started in the same period of 2010. All housing types contributed to the decline.

"With global economic uncertainty weighing on consumers' minds, many homebuyers are delaying their purchases," said Erica McLerie, Senior Market Analyst at CMHC. "While demand for single-detached homes has remained steady this year, demand for other types of housing has fallen. First-time buyers are especially sensitive to market conditions," added McLerie.

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.

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To view the "Kitchener CMA Housing Starts" graph associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/CMA.pdf.

To view the "Housing Starts - Kitchener CMA" table associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/Cmachart809.pdf.

1 Statistics Canada defines a census metropolitan area (CMA) as one or more adjacent municipalities integrated with an urban core. A CMA must have a total population of at least 100,000 of which 50,000 or more must live in the urban core.

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