May Housing Starts Lower in Kitchener

TORONTO, ONTARIO--(Marketwire - June 8, 2011) - Canada Mortgage and Housing Corporation (CMHC) released May preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area⁽¹⁾ (CMA) today. Construction began on 190 homes, down from the 214 units started in the same month last year.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc0608kitge.jpg.

Builders poured foundations for 108 single-detached homes in May, down from the 142 units started in May 2010. While semi-detached and townhouse starts declined sharply, apartment starts strengthened, increasing to 66 units from only 7 units started a year ago. Starts were higher in Cambridge, Waterloo and North Dumfries. For the first five months of 2011, housing starts declined to 839 units, from the 1,178 units started in the same period of 2010. All housing types contributed to the decline.

"Although starts are down this year, traffic at new home sites has been steady. The high amount of rain likely dampened new construction activity in May," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "Builders report that demand for premium upgrades and higher-end homes has increased," added McLerie.

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/cmhc0608kitte.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.