Hamilton housing starts on the rise

By Kaleigh Rogers, CBC News

Posted: Oct 9, 2012 11:22 AM ET

Last Updated: Oct 9, 2012 11:21 AM ET

 

Housing starts in the Hamilton area have increased over last year, according to the latest numbers from the Canadian Mortgage and Housing Corporation.

The CMHC is reporting 241 housing starts in the Hamilton area for September, up from 188 in September of last year. Since January, the Hamilton Census Metropolitan Area has seen 2,422 total housing starts, again an increase for the same time period last year, which saw 1,661 starts.

The City of Hamilton saw the bulk of the new builds, with 232 housing starts, while Burlington had 2 and Grimsby 7 for the month of September.

From January to September, total starts in Burlington and the City of Hamilton had increased over last year. However, Grimsby's residential construction has decreased in the same time, from 172 by September 2011 to 101 so far this year.

Single-detached homes, as opposed to semi-attached, row homes or apartments, held a fair chunk of the starts, with 82 in September and 1,073 for the year.

"Low mortgage rates, positive migration flows and fewer listings on the existing home market have supported residential construction activity in 2012," Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs, said in a press release.

He also noted these numbers are in line with CMHC's Spring housing market outlook, which predicted an increase in total housing starts for the area this year and continuing into 2013.

Kargbo added CMHC's Fall housing market outlook is set to be released online November 1.

"This report will incorporate the most recent economic and housing market conditions," he said.

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