Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 11, 2011 08:15 ET

June Starts Highest For 2011 In Kitchener

TORONTO, ONTARIO--(Marketwire - July 11, 2011) - Canada Mortgage and Housing Corporation (CMHC) released June preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area1(CMA) today. Although down from last year, starts in June were higher than they had been in any other month of 2011. Construction began on 293 homes, down from the 388 units started in the same month last year.

Builders poured foundations for 125 single-detached homes in June, down from the 135 units started in June 2010. Total starts declined for all other housing types as well compared to a year ago. Starts were higher in Cambridge, Waterloo and Woolwich Township. For the first half of 2011, housing starts declined to 1,132 units from the 1,566 units started in the same period of 2010. All housing types contributed to the decline.

"Employment growth continues to support housing demand," said Edgard Navarrete, Market Analyst at CMHC. "Apartment starts can be quite volatile from month to month as well as from year to year. The decline in apartment starts is the main reason overall starts are down this year," added Navarrete.

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.

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1Statistics 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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