MAY HOUSING STARTS IN KITCHENER

TORONTO – Canada Mortgage and Housing Corporation (CMHC) released May preliminary housing starts data for the Kitchener Census Metropolitan Area (CMA) today. Construction began on 218 homes, down only seven per cent from the 234 units started in the same month last year.

Foundations were poured for a total of 98 single-detached homes in May, down from the 145 units started in May 2008. While townhouse starts were down from the same month last year, semi-detached and apartment starts increased. The municipalities of Cambridge and Woolwich recorded higher starts. For the first five months of 2009, total housing construction was down by 26 per cent, as all housing types recorded lower starts.

“Less spillover to the new home market from a well-supplied existing home market has resulted in lower starts this year,” said Erica McLerie, Senior Market Analyst for the Kitchener CMA. “An easing labour market has pushed demand for ownership housing lower. Only the more affordable townhome segment has shown some strength this year,” noted McLerie.