JANUARY HOUSING STARTS HIGHER IN KITCHENER

TORONTO – Canada Mortgage and Housing Corporation (CMHC) released January preliminary housing starts data for the Kitchener Census Metropolitan Area (CMA). Construction began on 221 homes, up from the 90 units started in the same month last year. This was the fourth consecutive month with starts higher than a year ago.

Foundations were poured for 91 single-detached homes in January, up from the 68 units started in January 2009. Starts for all other types of housing were also higher in January. Townhome starts increased to 21 units, up from 16 units last January. Apartment construction was the main driver of the increased starts, with 95 units started up from only 4 units a year ago. Of these units, 83 were condominium apartments. All municipalities in the CMA, except Cambridge, recorded higher starts in January.

“New home sales have been on an increasing trend through 2009, so stronger construction activity in January was expected,” said Erica McLerie, Senior Market Analyst for the Kitchener CMA. “A tightening resale market encouraged more home buyers to consider the new home market. In addition, winter weather did not impede housing construction this January,” added McLerie.