Multi Family Starts Boost Sudbury Home Starts

GREATER SUDBURY, ONTARIO--(Marketwire - Oct. 11, 2011) - A busy September capped off a remarkably strong quarter for housing starts in the Greater Sudbury metropolitan area, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Seventy five homes started in September, boosting the year-to-date total to 441 units. For the third quarter, the 156 semi, row and apartment starts in Sudbury were the highest quarterly figure since the fourth quarter of 1992.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011sudge.jpg.

"September's 37 semi, row and apartment starts combined with July and August's 119 units bolstered the 106 single-detached starts to bring the third quarter total starts to 262 units, the highest quarterly figure since 1992's final quarter," stated Warren Philp, CMHC's Northern Ontario Market Analyst. "Strengthening employment numbers, a vibrant resale market and a tight rental market support increased starts in the Greater Sudbury area," added Philp.

"Sault Ste. Marie and North Bay had strong third quarters to make up for their weak performance early in the year. Timmins also had a good quarter, good enough to bring year-to-date starts figures ahead of a relatively quiet 2010. Despite the stronger performance in North Bay, total starts trail year-to-date levels from one year ago while in Sault Ste. Marie, 72 single-detached units and 24 semi, row and apartment starts bring year-to-date totals four units higher than the same time last year," noted Philp.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1011sudte.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.

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Our next Housing Starts press release will be October 2011, coming on November 8, 2011. CMHC's national web-site is located at www.cmhc.ca.