New Home Construction Slows in March

TORONTO, ONTARIO--(Marketwire - April 8, 2011) - Preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC) indicate that 76 new homes were started during March in the Oshawa Census Metropolitan Area (CMA), 40 per cent below the level recorded for the same month last year. The single-detached segment experienced a 45 per cent decline. While all Oshawa submarkets have seen a decline in home starts this year, the slowdown has been less pronounced in Whitby.

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"Both sales and the number of available lots for new home developments experienced a marked slowdown in the second half of 2010. As a result, new home construction slowed in the first quarter. Improving sales in recent months should point to higher starts in the months ahead," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of 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 vital decisions.

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