New Home Construction is Steady in Oshawa

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC) indicate that 203 new home footings were laid in the Oshawa Census Metropolitan Area (CMA) in July, virtually unchanged from the same month last year. New home construction was led by single-detached homes, which recorded an increase of 37 per cent. Thanks to the improved pace of new home construction in recent months, the number of starts in 2011 has almost reached last year's level.

"Buyers in Durham continue to take advantage of low borrowing costs and relatively affordable prices compared to other GTA sub-markets. These conditions will continue to encourage a steady level of new home construction in the area," said Inna Breidburg, Market Analyst with CMHC's Ontario Business Centre.

As Canada's national housing agency, CMHC draws on 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Aussi disponible en français.

To view the "Oshawa CMA Home Starts" graphic associated with this press release please visit the following link:

http://media3.marketwire.com/docs/oshawa809.pdf.

To view the "Housing Starts - Durham Region" table associated with this press release please visit the following link:

http://media3.marketwire.com/docs/cmch808.pdf.