Hamilton housing starts on rise

CBC News

Posted: Apr 9, 2013 11:29 AM ET

Last Updated: Apr 9, 2013 11:28 AM ET

 

The pace of housing starts in Hamilton continued to pick up in March, according to the latest numbers from Canada Mortgage and Housing Corp.

The region had 3,044 new housing starts last month, CMHC reported.

"The current pace in Hamilton CMA residential construction activity reflects, among other factors, a steady strengthening of local employment," said Abdul Kargbo, CMHC's senior market analyst for the Hamilton and Brantford census metropolitan area (CMAs), in a statement.

Hamilton's housing starts were down in December 2012 compared to the previous year, but rebounded at the beginning of 2013.

The March numbers are an improvement on February's, when the region reported 2,704 units.

The CMHC calculates a six-month moving average of seasonally adjusted annual rates of housing starts. It uses this trend measure to complement the monthly tally of housing starts in order to account for swings in monthly estimates and paint a more complete picture of patterns in the housing market, the organization said.

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