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TORONTO – Canada Mortgage and Housing Corporation (CMHC) released preliminary housing starts data for the Kitchener Census Metropolitan Area (CMA) today. Construction began on 148 homes in March, down nine per cent from the 162 units started in the same month last year.
Builders poured 71 foundations for single-detached homes in March, down from the 101 units started in March 2008. Townhouse construction increased to 75 units from the 29 units started a year earlier. Cambridge and Woolwich recorded higher starts in March compared to a year earlier. For the first quarter of 2009, housing starts were down 22 per cent due to lower single-detached and apartment starts.
"It is encouraging to see the strength in the townhouse market," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "However, starts are down because a well-supplied existing home market where conditions favour buyers has reduced spillover demand to the new home market," noted McLerie.
Daily Exchange:
http://www.exchangemagazine.com/morningpos...0914.htm#anchor
Builders poured 71 foundations for single-detached homes in March, down from the 101 units started in March 2008. Townhouse construction increased to 75 units from the 29 units started a year earlier. Cambridge and Woolwich recorded higher starts in March compared to a year earlier. For the first quarter of 2009, housing starts were down 22 per cent due to lower single-detached and apartment starts.
"It is encouraging to see the strength in the townhouse market," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "However, starts are down because a well-supplied existing home market where conditions favour buyers has reduced spillover demand to the new home market," noted McLerie.
Daily Exchange:
http://www.exchangemagazine.com/morningpos...0914.htm#anchor