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Housing Starts
CMHC REPORTS KITCHENER HOUSING STARTS STRONGER
TORONTO - The Canada Mortgage and Housing Corporation (CMHC) released Kitchener's preliminary housing starts data for the month of April today. Construction began on 252 homes in the Kitchener Census Metropolitan Area (CMA), more than double the 119 units started in the same month last year. Single-detached, townhouse and apartment starts were higher.
Builders poured 84 single-detached foundations in April, up 17 per cent from 72 units started in April 2007. This was the ninth consecutive monthly year-over-year gain for single-detached home starts. Townhouse starts increased by 74 per cent. The start of a 94 unit rental apartment building in Waterloo boosted apartment starts. For the first four months of 2008, housing starts were 11 per cent lower due to the drop in rental apartment construction.
“A tightening of the resale market in early 2007 resulted in more homebuyers making their purchase in the new home market. This has translated into stronger single-detached starts this year,” said Erica McLerie, Senior Market Analyst for the Kitchener CMA. “Housing demand will remain strong due to low mortgage rates, in-migration and a resilient local economy,” added McLerie.
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