TORONTO, ONTARIO--(Marketwire - Aug. 9, 2012) - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in July compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 142 homes, down from the 274 units started in July 2011.
"Construction declined for all housing types, except semi-detached houses. Demand for higher-priced new homes such as singles has been trending down for some time. A balanced resale market with more choice and relatively lower prices is an attractive alternative to buying new. New townhome and apartment construction has been somewhat restrained by stretched resources since nearly 2,700 of these dwellings are under construction," said Erica McLerie, Senior Market Analyst at CMHC.
Starts in July were at the lowest level of the year. Builders started 88 single-detached homes in July, down from the 119 homes started a year ago. Apartment construction was constrained. Builders started only 11 units, compared to the 100 started in July 2011. Due to the strength of townhouse and apartment construction in the first half of the year, housing starts for the first seven months of 2012 are up by 40 per cent 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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