New Home Starts Down

LONDON, ONTARIO--(Marketwire - Sept. 9, 2011) - New home starts were lower in the London Census Metropolitan Area(1) (CMA) in August according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 118 homes compared to 151 in August 2010.

"A well-supplied resale market continued to attract move-up buyers," said Margot Stevenson, CMHC's Senior Market Analyst. "However, when comparing year-to-date single-detached starts in 2010 and 2011, each month the decline has been getting smaller. This indicates demand for new homes is strengthening," added Stevenson.

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.

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To view the table (August Housing Starts and January - August Housing Starts) associated with this release, please visit the following link:

http://media3.marketwire.com/docs/loncht.jpg.

(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.