Sudbury Apartments Driving Starts in August

GREATER SUDBURY, ONTARIO--(Marketwire - Sept. 9, 2011) - According to preliminary data released today by Canada Mortgage and Housing Corporation, 81 rental apartment units commenced in August, supplementing 71 low-density housing starts. Year-to-date construction is behind by ten per cent.

"August posted a relatively weak number of single-detached starts when compared with the 5 year average for this month. Nevertheless, stronger-than-average 81 rental apartment starts combined with 30 row houses and 4 semi-detached homes brought total construction 2 per cent above last year's numbers," stated Warren Philp, CMHC's Northern Ontario Market Analyst.

"An increase in demand for rental units coupled with a decreasing vacancy rate –according to CMHC's latest Rental Market Survey- have given builders the incentive to build more rental apartments this year," concluded Philp.

To view the graph associated with this Press Release, please visit: http://media3.marketwire.com/docs/cmhc-sudbury-eng.jpg.

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.

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Our next Housing Starts press release will be September 2011, coming on October 11, 2011. CMHC's national web-site is located at www.cmhc.ca.