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Posted April 12, 2012

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Housing

March Starts Higher in Kitchener

TORONTO - New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) increased in March compared to the same month of 2011, according to preliminary data released yesterday by Canada Mortgage and Housing Corporation (CMHC). Construction began on 316 homes, up significantly from the 165 units started in the same month of 2011.

"Again this month, apartment construction accounted for the higher number of starts. Higher density housing is in line with the Region of Waterloo Official Plan. Strong demand from students, young adult households, and downsizing baby boomers supported the construction of apartments," said Erica McLerie, Senior Market Analyst at CMHC.

While single-detached, semi-detached and townhome starts were lower, the increase in apartment starts pushed total starts higher in March. Apartment construction increased to 212 units from 30 units last year. All apartment starts were in the City of Waterloo and were a mixture of rental units and condominiums. Builders started 77 single-detached homes in March, down from the 94 homes started a year ago.


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