November 2014 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2014) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending down at 2,903 units in November compared to 3,270 units in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.

"The trend in Hamilton CMA total housing starts declined in November 2014, mostly due to weaker apartment construction. In fact, no apartment starts occurred anywhere in the Hamilton CMA. Meanwhile, townhouse starts were up significantly in November 2014. This month marked the seventh consecutive monthly gain in townhouse starts. A tight resale market, with listings of affordable homes in short supply, is encouraging home buyers to buy new townhouses, which are a more affordable ground-oriented home type," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.