Slow Start to the Year for New Homes

TORONTO, ONTARIO--(Marketwire - April 8, 2011) - Total starts in the Brantford Census Metropolitan Area (CMA) were down for the first quarter, according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). There were just 44 starts in the first quarter of 2011 in the Brantford CMA, down from 123 starts a year ago. Lower new home starts in the first quarter also reflect a cooling of the market, following a strong boost of new home starts and elevated prices of new, single-detached homes last year.

While single-detached starts declined by one-quarter, the bulk of the decrease came from the townhouse and apartment sectors. There were just eight townhouses and no apartments started during the first quarter of the year. While starts of these homes tend to be more volatile in nature, the more subdued decline in single-detached starts still indicated some slowing in the new home construction market for the start of the year.

"Fewer starts during the first quarter indicate some cooling of demand," said Sarah Fong, CMHC's Senior Market Analyst for Hamilton and Brantford. "However, it is important to note that last year new home starts were unusually high."

To view the graph that accompanies this Press Release, please click on the following link:

http://media3.marketwire.com/docs/cmhc-table0408.pdf

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of 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.

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To view the table that accompanies this Press Release, please click on the following link:

http://media3.marketwire.com/docs/cmhc-brant0408.pdf