2011 Starts Higher in Kitchener

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Canada Mortgage and Housing Corporation (CMHC) released December preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 105 homes, down from the 195 units started in the same month of 2011. While single-detached starts were higher, lower townhome and apartment starts pulled the overall total lower in December.

Construction began on 2,954 homes in 2011, up from the 2,815 units started in 2010. Starts were lower for all housing types, except apartments. Apartment construction was at the highest level since 1989. Builders started 1,186 single-detached homes in 2011, down from the 1,255 homes started in 2010. Only the City of Waterloo and the Township of North Dumfries recorded higher starts in 2011.

"While low mortgage rates supported demand from move-up buyers for detached homes, lower demand from first-time buyers resulted in fewer semi-detached and townhome starts in 2011. The surge in apartment construction was due to increased demand from students, young adult households and downsizing baby boomers," said Erica McLerie, Senior Market Analyst at CMHC.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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