TORONTO, ONTARIO--(Marketwire - Sept. 11, 2012) - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in August compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 93 homes, down from the 451 units started in August 2011.
"Construction declined for all housing types, except townhouses in August. New home buyers in the past few months have been more hesitant to buy due to both the local and global economic uncertainties, resulting in fewer sales and lower housing starts. A well-supplied resale home market with relatively lower prices is an alternative to buying new," said Erica McLerie, Senior Market Analyst at CMHC.
Starts in August were at the lowest level for any month in more than three years. Builders started 71 single-detached homes in August, down from the 97 homes started a year ago. No apartments were started, compared to the 336 units started in August 2011. Townhouse starts increased to 22 units, from the 16 units started a year earlier. Due to the strength of townhouse and apartment construction in the first half of the year, housing starts for the first eight months of 2012 continued to outpace the starts from the same period of 2011.
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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Table 1: http://media3.marketwire.com/docs/CMHCKitchenerTable1.pdf
Table 2: http://media3.marketwire.com/docs/CMHCKitchenerTable2.pdf