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Kitchener Real Estate Market (January 2012)

JANUARY STARTS HIGHER IN KITCHENER

TORONTO, February 8, 2012 – New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) increased in January compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 467 homes, more than double the 177 units started in the same month of 2011.

“Increased apartment construction was behind the higher starts. Strong demand from students, young adult households, immigrants and downsizing baby boomers continued to support apartment construction. The increased level of apartment starts is in line with intensification initiatives in the CMA,” said Erica McLerie, Senior Market Analyst at CMHC.

While single-detached starts were lower, an increase in starts of all other types pulled the overall total higher in January. Builders started 75 single-detached homes in January, down from the 93 homes started a year ago. Apartment construction increased to 362 units from 73 units last year and was centred in the City of Waterloo. Only the City of Waterloo and the Township of North Dumfries recorded higher starts.

Source: Canada Mortgage and Housing Corporation

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