Canada Mortgage and Housing Corporation: February Housing Starts Higher in Kitchener

TORONTO - Canada Mortgage and Housing Corporation (CMHC) released February preliminary housing starts data for the Kitchener Census Metropolitan Area(1) (CMA) today. Construction began on 168 homes, up from the 103 units started in the same month last year. This was the fifth consecutive month with starts higher than a year ago.

Foundations were poured for 92 single-detached homes in February, up from the 45 units started in February 2009. Townhome starts decreased to 18 units, down from 37 units last February. There were 24 rental apartment units started in February, up from the 19 apartment starts a year ago.. All municipalities in the CMA, except Cambridge, recorded higher starts in February.

"New home sales outpaced starts through most of 2009 which will support starts activity in 2010," said Edgard Navarrete, Market Analyst for the Kitchener CMA. "A tight resale home market and low interest rates have encouraged home buyers to consider the new home market. Any increase in demand for new homes must be met by new construction, as new home inventories are low," added Navarrete.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.

HOUSING STARTS - KITCHENER CMA
YEAR-OVER-YEAR COMPARISON - MONTH OF FEBRUARY AND YEAR-TO-DATE
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Single Semi TH Apt Total % Chg
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Cambridge City
February 2010 8 0 0 0 8 -68.0%
February 2009 19 0 6 0 25
Kitchener City
February 2010 52 14 18 20 104 136.4%
February 2009 15 2 27 0 44
Waterloo City
February 2010 7 0 0 24 31 19.2%
February 2009 3 0 4 19 26
Woolwich Twp.
February 2010 24 0 0 0 24 200.0%
February 2009 8 0 0 0 8
North Dumfries
Twp.
February 2010 1 0 0 0 1 NA
February 2009 0 0 0 0 0
KITCHENER CMA(2)
February 2010 92 14 18 44 168 63.1%
February 2009 45 2 37 19 103
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Single Semi TH Apt Total % Chg
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Cambridge City
YTD '10 19 2 0 4 25 -59.7%
YTD '09 44 0 18 0 62
Kitchener City
YTD '10 105 26 27 50 208 133.7%
YTD '09 50 4 31 4 89
Waterloo City
YTD '10 24 0 0 85 109 251.6%
YTD '09 8 0 4 19 31
Woolwich Twp.
YTD '10 32 0 12 0 44 300.0%
YTD '09 11 0 0 0 11
North Dumfries
Twp.
YTD '10 3 0 0 0 3 NA
YTD '09 0 0 0 0 0
KITCHENER CMA(2)
YTD '10 183 28 39 139 389 101.6%
YTD '09 113 4 53 23 193
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Source: CMHC

(1) Statistics Canada defines a census metropolitan area (CMA) as one or more adjacent municipalities integrated with an urban core. A CMA must have a total population of at least 100,000 of which 50,000 or more must live in the urban core.

(2) Kitchener CMA includes Kitchener, Waterloo, Cambridge, Woolwich and North Dumfrie