Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2011 08:15 ET

More Apartments in Brantford

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - Builders started two new rental apartment buildings in the City of Brantford in the third quarter, according to the figures released today by Canada Mortgage and Housing Corporation (CMHC). The new apartments were the primary reason for the increase in total starts during the third quarter in the Brantford Census Metropolitan Area (CMA), as new construction of single-detached houses and townhouses has been declining this year. The third quarter was a particularly slow period for new home starts this year as low-rise home starts were down by one-half as compared to the third quarter of 2010.

The decline in low-rise starts is coming from the urban areas where there has been a shift towards more higher-density new home construction, such as townhouses and apartments. Ongoing challenges with land availability for new home construction as well the rising price of single-family homes are key factors in the shift towards higher-density construction.

"Higher-density housing such as townhouses and apartments are becoming increasingly popular in many markets," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton and Brantford. "The lower price tag is attractive to some buyers who are willing to give up space for more manageable borrowing costs," added Fong.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011brantge.jpg.

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.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011brantte.jpg.

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