New home starts were lower in the London Census Metropolitan Area (CMA) in March according to preliminary figures released on April 11, 2012 by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 74 homes compared to 77 in March of 2011.
“Starts were down in the first quarter as well as in March. The lack of any apartment starts in the first quarter of this year compared to a significant number during the same period last year was the main factor accounting for the decline,” said Margot Stevenson, CMHC's Senior Market Analyst. “Weak employment growth has dampened demand for new housing.”
New construction for March included 53 single-detached homes in the City of London and 21 in the surrounding areas of the metropolitan area.
Read the full CMHC News Release.