Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2012 08:15 ET

May Housing Starts in Kitchener

TORONTO, ONTARIO--(Marketwire - June 8, 2012) - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) increased in May compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 208 homes, up slightly from the 190 dwellings started in the same month of 2011.

"With more than 2,300 apartments under construction at the end of April, the slowdown in the start of new apartment projects was not unexpected," noted Erica McLerie, Senior Market Analyst at CMHC. "Also, with new single-detached prices moving higher, homebuyers are choosing more affordable options more frequently, resulting in an increase in townhome construction."

While single-detached and apartment starts were lower, the increase in townhome starts pushed total starts higher than last year's level. Builders started 100 single-detached homes in May, down slightly from the 108 homes started a year ago. While apartment starts pulled back from the higher level in the first quarter, townhome starts continued to increase.

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.

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To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Kitchener_May_2012.pdf.

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