London New Home Starts Higher

LONDON, ONTARIO--(Marketwire - Dec. 8, 2011) - New home starts were up in the London Census Metropolitan Area (CMA) in November according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 130 homes compared to 105 in November 2010.

"Increased demand for townhomes homes raised new construction levels last month. Townhomes offer a convenient lifestyle and are a more affordable option for buyers who want a new rather than an existing home," said Margot Stevenson, CMHC's Senior Market Analyst.

Year-to-date, builders have started 1,082 single-detached homes compared to 1,388 in the first 11 months of 2010. Total starts are 19 per cent below last year for the same period.

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 tables associated with this news release, please click the following link: http://media3.marketwire.com/docs/cmhceng1.pdf.

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