New Home Starts Up

LONDON, ONTARIO--(Marketwire - Aug. 9, 2011) - New home starts moved higher in the London Census Metropolitan Area(1) (CMA) in July according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Foundations were laid for two large apartment buildings, which offset a decline in single-detached home starts.

"July turned out to be the strongest month for starts since the beginning of the year," said Margot Stevenson, CMHC's Market Analyst "Single-detached home starts were down, but builders still see demand for apartments. Condominium apartment starts this year are already higher than ever before," 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 tables (July Housing Starts and January - July Housing Starts) associated with this release, please visit the following link: http://media3.marketwire.com/docs/lonsten.pdf

(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.