London New Home Starts Lower in March

LONDON, ONTARIO--(Marketwire - April 11, 2012) - New home starts were lower in the London Census Metropolitan Area (CMA) in March according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 74 homes compared to 77 in March of 2011.

"Starts were down in the first quarter as well as in March. The lack of any apartment starts in the first quarter of this year compared to a significant number during the same period last year was the main factor accounting for the decline," said Margot Stevenson, CMHC's Senior Market Analyst. "Weak employment growth has dampened demand for new housing."

New construction for March included 53 single-detached homes in the City of London and 21 in the surrounding areas of the metropolitan area.

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.

(Ce document existe également en français)

To view the tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/cmhclf110.pdf.