Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2011 08:15 ET

March Housing Starts Lower in Kitchener

TORONTO, ONTARIO--(Marketwire - April 8, 2011) - Canada Mortgage and Housing Corporation (CMHC) released March preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area(1) (CMA) today. Construction began on 165 homes, down from the 185 units started in the same month last year.

To view figure 1, please visit the following link: http://media3.marketwire.com/docs/688335A.jpg

Builders poured foundations for 94 single-detached homes in March, up slightly from the 90 units started in March 2010. Townhome starts declined by one unit to 35 units, while apartment construction weakened to 30 units from the 45 units started a year ago. Starts in Cambridge were higher for the third consecutive month. For the first quarter of 2011, housing starts declined to 475 units, from the 574 units started in the first quarter of 2010. All housing types contributed to the decline.

"Demand for single-detached construction has remained strong, but the volatility in townhouse and apartment construction led to lower overall starts in the first quarter. Starts are in line with the forecast," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "Improved employment, relatively low mortgage rates and some spillover from a tight resale market will support new home construction through 2011," added McLerie.

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.

To view figure 2, please visit the following link: http://media3.marketwire.com/docs/688335B.pdf

For more information, visit www.cmhc.ca or call 1 800 668-2642.

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(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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