Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2011 08:15 ET

London New Home Starts Turn Up

LONDON, ONTARIO--(Marketwire - Nov. 8, 2011) - New home starts were up in the London Census Metropolitan Area(1) (CMA) in October according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 141 homes compared to 125 in October 2010.

"Stronger demand for townhomes homes raised new construction levels last month," said Margot Stevenson, CMHC's Senior Market Analyst "Townhomes are a more affordable option for families who want a new rather than an existing home," added Stevenson.

Year-to-date, builders have started 998 single-detached homes compared to 1,304 in the first ten months of 2010. Total starts are 21 per cent below last year for the same period.

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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October Housing Starts
% Change
Single Semi Row Apt Total Singles Total
London City
Oct-11 62 2 37 4 105 -21% 25%
Oct-10 78 0 6 0 84
St. Thomas City
Oct-11 8 0 0 0 8 -50% -50%
Oct-10 16 0 0 0 16
Rest of CMA
Oct-11 28 0 0 0 28 12% 12%
Oct-10 25 0 0 0 25
London CMA
Oct-11 98 2 37 4 141 -18% 13%
Oct-10 119 0 6 0 125

January - October Housing Starts
% Change
Single Semi Row Apt Total Singles Total
London City
Jan-Oct 11 743 4 114 362 1,223 -25% -21%
Jan-Oct 10 986 4 126 433 1,549
St. Thomas City
Jan-Oct 11 93 0 0 0 93 -23% -30%
Jan-Oct 10 121 10 0 2 133
Rest of CMA
Jan-Oct 11 162 4 0 0 166 -18% -17%
Jan-Oct 10 197 2 0 0 199
London CMA
Jan-Oct 11 998 8 114 362 1,482 -23% -21%
Jan-Oct 10 1,304 16 126 435 1,881

Rest of CMA: Central Elgin, Thames Centre, and the Townships of Middlesex Centre, Southwold, Strathroy-Caradoc and Adelaide-Metcalfe

(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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