June Housing Starts in Kitchener

TORONTO, ONTARIO--(Marketwire - July 10, 2012) - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in June compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 214 homes, down from the 293 dwellings started in the same month of 2011.

"Construction declined in June mainly because construction was lower in Cambridge City than it was in June 2011. Housing starts in Cambridge declined as there were fewer starts of apartments. However, the amount of apartment construction in June 2011 was somewhat atypical. Additionally, apartment construction can vary significantly from month to month," noted Erica McLerie, Senior Market Analyst at CMHC.

Single-detached construction also dropped off in June. Builders started 96 single-detached homes in June, down from the 125 homes started a year ago. While single-detached and apartment starts declined in June, townhome starts continued to increase. For the first half of 2012, housing starts are up significantly due to the strength of apartment construction and townhouse construction.

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.

To view the statistics associated with this press release, please visit the following link:

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

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