Second Quarter Housing Starts Lower in Guelph

TORONTO, ONTARIO--(Marketwire - July 11, 2011) - Canada Mortgage and Housing Corporation (CMHC) released preliminary housing starts data for the Guelph Census Metropolitan Area⁽¹⁾ (CMA) today. Builders started 167 dwellings in the second quarter of 2011, down from the strong 288 units started in the same quarter last year.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711guelge.jpg.

Builders poured 100 foundations for single-detached homes in the second quarter, down from the 139 units started in the second quarter of 2010. While semi-detached starts held steady in the second quarter with 12, town house construction decreased significantly, declining to 51 units from 131 units started a year earlier. A total of 4 condominium apartment starts were recorded in the second quarter of 2011, down from the 6 apartment units started in the second quarter last year. However, year-to-date condominium apartment starts are at 100, almost double the amount of starts for the same period last year.

"Despite a decline in total starts in the second quarter compared to last year, June starts were at the highest monthly level since January," said Anthony Adrien, CMHC Market Analyst. "Relatively low mortgage rates and an improving economy are factors supporting starts in 2011," added Adrien.

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.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0711guelte.jpg.

For more information, visit www.cmhc.ca or call 1 800 668-2642.

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⁽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.