New Home Starts Remained Steady in July

Real Estate — August 9, 2012

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2012) - New home starts in the Hamilton Census Metropolitan Area (CMA) remained relatively unchanged in July as compared to a year ago, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). The majority of the starts were concentrated in the City of Hamilton. Over 200 single-detached homes and townhouses were started in the City of Hamilton, up from nearly 150 starts a year ago. In neighbouring Burlington and Grimsby, starts dropped by 82 per cent and 80 per cent, respectively. There were no starts of semi-detached homes or apartments in July.

Demand for new homes has been rising since the beginning of the year in all markets in the CMA. This has been prompted partially by the decline in the number of homes listed for sale in the resale market.

"Single-detached and townhouse starts in the City of Hamilton contributed to strong increase in total starts in the city last month," noted Sarah Fong, CMHC's Senior Market Analyst for the Hamilton and Brantford CMAs. "Fewer listings in the resale market in recent months have led to more buyers looking in the new home market.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

A graph and a table are available at the following address: http://media3.marketwire.com/docs/Figures_ENG_0809.pdf

Contact Information

Sarah Fong
(416) 250-3294
sfong@cmhc.ca

En Francais:
Ed Heese
(416) 218-3369
eheese@schl.ca

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