November Starts Higher in Kitchener

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2011) - Canada Mortgage and Housing Corporation (CMHC) released November preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 282 homes, nearly double the 148 units started in the same month last year.

As in the past three months, apartment starts were responsible for the higher housing activity. All the apartment starts were in the City of Waterloo and were a mix of condominiums and student rental apartments. Builders laid foundations for 71 detached homes in November, down from the 83 units started in November 2010. Townhouse starts declined slightly from the same time last year. For the first eleven months of 2011, housing starts are higher than in the same period last year, due solely to the surge in apartment construction.

"Intensification initiatives by the cities of Waterloo, Kitchener and Cambridge have supported the strong increase in apartment starts this year. Increased demand from students, young adult households and downsizing baby boomers led to the surge in apartment construction this year," said Erica McLerie, Senior Market Analyst at CMHC.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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To view the Table and Graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cm128kei.pdf.