Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2011 08:15 ET

October Starts Higher in Kitchener

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - Canada Mortgage and Housing Corporation (CMHC) released October preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area1 CMA) today. Construction began on 305 homes, slightly above the 281 units started in the same month last year.

Apartment starts, as well as semi-detached and townhouse construction, pushed housing activity higher in October. The three apartment buildings started were located in the cities of Waterloo and Kitchener, and were all targeted to renters. Foundations were laid for 98 detached homes in October, down from the 107 units started in October 2010. Townhouse activity occurred in the cities of Cambridge and Kitchener. For the first ten months of 2011, housing starts were slightly higher. This increase was due solely to the surge in apartment construction.

"Strong demand from students, immigrants and downsizing baby boomers led to the surge in apartment construction this year," said Erica McLerie, Senior Market Analyst at CMHC. "Although starts of semi-detached homes and townhomes were up in October, they were down on a year-to-date basis. Fewer first-time buyers led to the strong decline in the construction of semi-detached houses and townhomes, while repeat buyers limited the decline in single-detached starts," added McLerie.

As Canada's national housing agency, CMHC draws on more than 60 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 vital decisions.

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.

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