Housing Market

[UrbanWaterloo]

Housing Market
CMHC Reports (https://www03.cmhc-schl.gc.ca/catalog/home.cfm?csid=1&lang=en&fr=1268131742750) | CMHC Media Room (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/index.cfm)
KW Real Estate Board (http://kwreb.on.ca/) | RE/MAX Newsroom (http://www.remax-oa.com/media-newsroom/)

http://dcnonl.com/images/archivesid/29734/100.jpg (http://dcnonl.com/article/id29734)http://consulting4architects.files.wordpress.com/2009/06/house-construction.jpg?w=250&h=324 (http://consulting4architects.wordpress.com/2009/06/16/housing-construction-jumps-by-largest-amount-in-3-months/)

[Spokes]

Waterloo Region housing market on the road to recovery

November 10, 2009
By Chuck Howitt, Record staff

KITCHENER – Fuelled by the economic recovery, housing starts are expected to grow by 12 per cent in Waterloo Region next year, the Canada Mortgage and Housing Corp. said today.

But if builders and developers are expecting a return to the good old days of rampant suburban housing development, they better think again, warned Erica McLerie, a senior market analyst with the housing agency.

Waterloo Region’s official plan, the growing importance of a regional transit corridor and the aging baby boomer population will spark demand for higher-density housing and sustainable communities with a mix of services within easy reach, McLerie told a housing outlook conference organized by the agency.

Rather than being obstacles for the housing industry, these trends offer opportunities for builders willing to change with the times, she said.

“Aging baby boomers will be a force,” she told the audience, which included. In the next 10 years, the region’s population is expected to grow by 63,000, she said. Of this total, 38,000 will be in the 55-74 age group. This group will require a mix of housing, ranging from single-detached homes and townhouses to condos and apartments, close to services such as shopping, transit and health care, McLerie noted.

As for the short-term housing market, starts are expected to grow to 2,170 in the region next year, up from 1,930 this year. Dragged down by the recession, housing starts are expected to fall by 27 per cent this year compared to 2008 when 2,634 units were launched.

In the Guelph area, housing starts are expected to grow by 16 per cent next year after a sharp drop of 58 per cent this year.

With interest rates remaining low, owning a home is the preferred option for most residents. Rental housing will make up only a fraction of the starts in 2010 in Waterloo Region, with Guelph being even worse off, McLerie said.

The supply of registered building lots is tight, she said, with Kitchener having by far the greatest inventory at around 1,800 lots. Both Waterloo and Cambridge have fewer than 500 lots.

New housing prices in the region will remain flat at about $325,000 for single-detached homes, the corporation said.

Housing growth in the region and Guelph is about average compared to other areas of the province, McLerie noted.

In the resale market, sales in the region are expect to drop by 1.6 per cent this year and fall another 3.2 per cent next year, said Edgard Navarrete, a marketing analyst with the agency. Prices have risen by 0.3 per cent this year and will increase by 2.9 per cent next year.

Low mortgage rates are luring more first-time buyers into the market, he said.

Despite the loss of jobs in the region due to the economic downturn, the diversified economy is attracting workers from outside the area, which is good news for housing, Navarette said. The ratio of workers to the total population is 56 per cent in Guelph and 53.1 per cent in Waterloo Region, higher than any other urban area in the province, he noted.

Single-detached homes cost about $25,000 more in Waterloo than in Kitchener, he said, with west Waterloo having the highest prices.

In a presentation on building vibrant downtowns in medium-sized cities, Jeff Lederer, general manager of the School of Architecture in Cambridge, said successful core areas are often built around attractive natural features such as a river or mountain, and have a well-preserved historical district and a strong institutional presence in the form of government buildings and universities or colleges.

They also have a mixture of housing and an abundance of special events, pedestrian activity and tourist attractions, he noted.

Cities should not ignore areas such as alleyways which can be decorated to look quite attractive, Lederer said. Public art can also be a focal point. He and a group of planners toured vibrant American cities in 2005 and 2006 and found a fountain created out of a storm water management system in Chattanooga, Tenn., and an urban art trail spearheaded by two elderly women in Asheville, N.C.

You don’t need to be a politician to lead downtown revitalization, he said. Often it is championed by ordinary citizens.

chowitt@therecord.com

http://news.therecord.com/article/627013 (http://news.therecord.com/article/627013)



Apartments still scarce in Waterloo

December 21, 2009
By Kevin Swayze, Record staff

WATERLOO REGION — The city of Waterloo continues to have one of the lowest apartment vacancy rates in the country, thanks to a crush of high-tech workers and university students looking for short-term housing.

Yet across the rest of Waterloo Region, apartment vacancy rates are climbing, due to job losses, poor job prospects for young people moving away from parents, and low mortgage rates encouraging renters to buy houses.

“It is very odd,” said Deb Schlichter, director at Waterloo Regional Housing.

The one-per-cent vacancy rate in Waterloo also means that city has the highest average rents in the region, according to the fall 2009 rental market report complied by Canada Mortgage and Housing. The data looks at the Kitchener census area, including all of Waterloo Region except Wilmot and Wellesley townships.

For example, two-bedroom units go for $937 a month in Waterloo, compared with $835 in Kitchener, $850 in Cambridge and $709 in Woolwich and North Dumfries townships.

Nationally, the highest average rent for a two-bedroom apartment was $1,169 in Calgary, where the vacancy rate was 5.3 per cent. Toronto was second at $1,099, with a 3.1 per cent vacancy rate. The lowest nationally was $518 in Saguenay, Que., with a vacancy rate of 1.5 per cent.

“It’s more than the availability; it’s the cost of it,” said Trudy Beaulne, executive director of Kitchener-Waterloo Social Planning council.

High-tech workers and student housing are king in the city of Waterloo, creating a challenge for low-income families looking for options to live there. They may have to move to Kitchener to find an affordable apartment, she said.

“It’s different housing stock, too. If you’ve got a pretty high income, you have more choice . . . it’s not like if you’re on Ontario Works (social assistance).”

Regional housing manages 9,000 subsidized apartments across the region. The waiting list for the units has held steady for years, at 3,000 to 3,500 families.

Schlichter isn’t sure how much weight to give the waiting list, since she suspects many don’t bother to sign up for what’s going to be a years-long wait for a key to a “community housing” unit. People needing an apartment instead get what they can now from private landlords, because they need it now.

Maybe people who lost their jobs over the past year haven’t run out of Employment Insurance coverage yet, Schlichter said.

“We do know social assistance caseloads have been growing … there may be some potential down the road that this list will grow.”

When the recession hit a year ago, it was a “positive thing” for landlords across the district, said Glenn Trachsel, president of the 600-member Waterloo Region Apartment Management Association.

Landlords saw tenants who were thinking of moving and taking on a mortgage change their minds and keep renting, he said.

Over the last year, the average vacancy rate across the region — even with the city of Waterloo drop — climbed to 3.3 per cent from 1.8 per cent.

Trachsel, a realtor with Team Realty in Kitchener, isn’t convinced the growing vacancy rates in Kitchener (3.4 per cent), Cambridge (5.6) and the townships (4.5) are spurred on by low interest rates pushing people into home buying.

Trachsel saw tenants move out because they lost their jobs. Maybe they’re doubling up with friends in other apartments, or moving in with relatives.

“I’m trying to figure out why vacancies have gone up. They’re not going back to buying houses.”

Waterloo’s surge in high-tech workers is distorting the rental market as they survey their new city, Trachsel said.

“They typically move to the area, rent for a year or two before they buy… you have a market where if they were in another area, they just buy a house.”

Kitchener is more of a balanced rental market, but there’s an “upscale pocket” growing downtown around the new satellite university. “It kind of mirrors Waterloo.”

In Cambridge, tenants are eager to rent within a few minutes drive of Highway 401, because it makes for an easy commute to work in Mississauga. Move away from the freeway and the rental market is soft, Traschel said.

A one-per-cent vacancy rate in Waterloo doesn’t surprise Mike Belanger, director of residential services for students attending Wilfrid Laurier University.

That’s the usual fall vacancy rate for apartments to serve the 50,000 post-secondary students in Waterloo. The vacancy rate jumps to about eight per cent in mid-winter as students take out-of-town work placements. In summer, when school’s out, the student vacancy rate bounces to 30 per cent.

In the early 1980s, Belanger remembers student housing vacancy rates as low at 0.5 per cent. That student housing crisis eased long ago — just look at all the student lodging built along Columbia Street — but Belanger wonders if another crunch is looming.

As Laurier and the University of Waterloo continue to expand to help fight the recession, bank financing for new student housing projects has “dried up,” Belanger said.

“There is some anxiety if the universities grow and the private accommodation does not.”

kswayze@therecord.com

http://news.therecord.com/article/647772 (http://news.therecord.com/article/647772)

[Spokes]

Housing ended recession year on a high note

January 07, 2010
By Rose Simone, Record staff

WATERLOO — It started out as a year of doom and gloom, but 2009 turned into a banner year for the housing market in Waterloo Region.

At this time last year, with dour news about “the Great Recession,” and snowstorms pummeling the region, house sales were in a deep freeze. Yet by the time 2009 ended, the situation for resale homes had dramatically turned around.

The number of houses that sold hit a near record, while selling prices remained fairly stable.

A total 9,131 already-existing homes were sold across Waterloo Region by agents of the Kitchener-Waterloo and Cambridge real estate boards, a 5.8 per cent increase compared to the 8,635 resale homes that were sold in 2008.

That made it the second best year for the volume of sales across the region, topped only by the 2007 record when 9,799 homes were sold.

“Most people thought it was going to be a down year, so it really was surprising . . . it really shows the resilience of our market,” said Ted Scharf, president of the Kitchener-Waterloo Real Estate Board.

In Kitchener-Waterloo and area, 6,467 homes sold in 2009, a 5.7 per cent increase over the 6,114 homes that had sold in 2008. In Cambridge, 2,672 residential units sold, a 5.9 per cent increase compared to the 2,521 units that sold in 2008.

In Cambridge, the average sale price of $258,415 showed a slight improvement over the average sale price of $256,044 in 2008.

“The housing market is holding its own,” said Bob Peace, president of the Real Estate Board of Cambridge Inc.

In the Kitchener-Waterloo area, the average selling price was down slightly, at $255,105 compared to $256,807 in 2008. However, this was attributed to the fact of more demand for homes at the lower price end, which brings down the average.

The median price, which reflects the price in the middle of the upper and lower ends of the market, was up in the Kitchener-Waterloo area, to $243,750 last year compared to $235,750 in 2008.

The majority of sales were in the $200,000 to $250,000 price range, Scharf said.

“A lot of people who wanted to get into starter homes did it in 2009, because prices were good, the interest rates were low and people who were buying had some job security. So it was a good time to buy,” Scharf said.

The low interest rates lifted the housing market in 2009, Peace added. “That really kept the market going at a good, steady pace.”

But Peace said it also helps that Waterloo Region has a diverse economy, with companies that are expanding and adding workers.

Scharf said the recent Toyota announcement that it will add 800 workers for a second shift at its plant in Woodstock is an example of the type of economic news that lifts the confidence of buyers here.

“I think employment is even more important than interest rates,” Scharf said. “If you don’t have a job, then it won’t matter what the interest rates are.”

Scharf said the 2009 got off to a slow start, but then consumers seemed to regain their confidence.

In December, the real estate agents in both Kitchener-Waterloo and Cambridge saw a big turn-around from the same month the previous year.

There were 356 residential units that sold in Kitchener-Waterloo last month, which was a record for the month of December, and a 60 per cent increase from the same month in 2008. In Cambridge, during December, 150 homes sold, also a nearly 60 per cent increase from the same month in 2008.

Scharf said an improvement was to be expected when compared to the dismal sales at the end of 2008 when the global economic downturn was hitting everyone hard.

But last month’s sales also augur well for the start of the housing market in this new year, he added. “I think it is indicative of what the future holds for our late winter and spring market. I think it will be a strong market,” Scharf said.

Peace said the December sales reflect the extent to which the demand for housing has recovered. He too said it bodes well for the future.

“I think this will be a very good year,” Peace added. “We are doing better than a lot of places.”

rsimone@therecord.com

http://news.therecord.com/Business/article/650396 (http://news.therecord.com/Business/article/650396)

[Spokes]

Great news that the housing market was strong this year. Too bad we didn't see any condo start ups take advantage of it.

[Spokes]

Dear Condo Developers,
The housing market is strong, it never took the dive the market in the U.S. did. Please open your sales offices NOW!!!
Thanks


House sales off to strong start in 2010

February 03, 2010
Record staff

WATERLOO REGION – Waterloo Region’s housing market shows no signs of slowing down.

Home sales in January maintained their momentum from last year’s strong finish, with both of the region’s real estate boards reporting strong sales.

The Kitchener-Waterloo Real Estate Board set a record for the month of January. It recorded 416 sales, 10 more than the previous high, set in 2006.

That’s a 64-per-cent increase over the 254 homes sold in January 2009, when the region, like most of the country, was staggered by a crippling downturn in the economy.

The Real Estate Board of Cambridge registered 140 sales last month, an increase of 32 per cent from the 106 homes sold in January 2009.

The large year-over-year increase shows just how much consumer confidence has bounced back from a year ago when the global financial crisis was giving everyone the jitters, said Bob Peace, president of the Cambridge board.

The strong sales in a traditionally slow month is encouraging, said Ted Scharf, president of the Kitchener-Waterloo board.

“These results show that there is definitely demand in the market and the traditional mindset of waiting until spring just doesn’t seem to be as strong,” he said today in a news release.

Low interest rates are fueling the house-buying spree, Scharf said. “So long as there are no sudden increases or threats to the rates, it will continue to be a driving factor in the coming months.”

The Kitchener-Waterloo board noted that January’s sales were strong across all types of housing and included 285 single-detached homes (up 66.7 per cent from January 2009), 73 condo units, 28 townhouses and 28 semi-detached homes.

Demand was particularly strong at the top end of the market, with 54 homes selling for more than $400,000 in Kitchener and Waterloo, 32 more than in January 2009.

The surge in higher price ranges helped push up the average price in Kitchener and Waterloo 12.3 per cent to $278,825, compared to a year earlier. Single-detached homes sold for an average of $316,913, an increase of 13.6 per cent from a year earlier.

In Cambridge, the average price of all the homes that changed hands last month jumped 16.3 per cent to $278,527.

The Cambridge board noted that the number of new listings fell 11 per cent in January compared to the same month a year earlier.
http://news.therecord.com/Business/article/666766 (http://news.therecord.com/Business/article/666766)

[Duke-of-Waterloo]

Woolwich bucks the trend during downturn in housing construction

By: Katie Edmonds | OBSERVER XTRA | Saturday, January 21, 2010

The housing market mayhem in the United States last year was not reflected in this country, as seen in figures released last week by Statistics Canada. And while Ontario saw some slowing in new home starts, it was pretty much business as usual in Woolwich.

“There was no recession in Woolwich Township,” said chief building official Peter Vanderbeek, pointing to the notable increase in the number of residential building construction projects begun, in contrast to the lowered numbers throughout the rest of Ontario.

The province did see a slowdown in construction, but the numbers started to pick up as the year ended.

“As expected, a slowing economy, slightly higher housing inventories and tighter credit market conditions dampened residential construction activity across the province in 2009,” said Ted Tsiakopoulos, an economist with Canada Mortgage and Housing Corporation’s Ontario regional office.

Ontario residential home starts moderated in 2009 although they began to recover during the second half of the year. Home starts declined to an estimated 50,500 units in 2009, from 75,076 in 2008. Residential construction for the year was down largely due to weaker activity in the multi-family home segment, which includes townhome and apartment dwellings. Meanwhile, construction of new detached housing did post declines last year but much less so relative to other housing types. Not surprisingly, weaker starts activity occurred in communities where higher density development is most prominent, including Toronto and Hamilton.

Statistics Canada reported that in the Kitchener area, which includes the townships, construction began on 2,299 homes in 2009, down from the 2,634 units started in 2008. Starts were lower for all housing types in 2009. Single-detached starts decreased to 1,162 units in 2009, down from the 1,446 homes started in 2008.

But for Woolwich, results showed just the opposite effect.

“When we were looking ahead last year, I budgeted for the same amount as in 2008 but we actually exceeded that,” noted Vanderbeek.

Although the number of available lots in Elmira is not nearly as high as it has been in previous years, he predicts that Breslau will continue to boom with new lots from both Empire Communities and Thomasfield Homes drawing large numbers of people to the township.

The number of new total residential dwelling units in the township jumped to 265 from 247 between 2008 and 2009, an increase of 6.79 per cent, while the rest of the province saw a decrease of approximately 33 per cent during the same period. The number of total permits issued in Woolwich was an even greater increase of 9.9 per cent, and the total value of construction projects in the township leapt to $83,279,139 from $74,021,543, an 11.12 per cent difference.

Vanderbeek said the number of houses to be built in Elmira will depend on how many of the applications for subdivisions which are currently under review get approved, but he noted that if this year is anything like last year, he is not worried.

“It’s like the recession did not even exist in this area in terms of housing.”

http://observerxtra.com/2/news/woolwich-bucks-the-trend-during-downturn-in-housing-construction/ (http://observerxtra.com/2/news/woolwich-bucks-the-trend-during-downturn-in-housing-construction/)

[UrbanWaterloo]

Jim Flaherty tightens mortgage rules
Finance minister unveils new mortgage rules needed to prevent ‘negative trends' from developing
Jeremy Torobin and Bill Curry
Tuesday, February 16, 2010
http://www.globeinvestor.com/servlet/story/GI.20100216.escenic_1469432/GIStory/

Ottawa — Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is healthy and there's no solid evidence of a bubble, the moves are needed to “help prevent negative trends from developing.”

Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.

Also, the government is lowering the maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent, and requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.

“There are no definitive signs of a housing bubble,” Mr. Flaherty said. “We think we're being proactive in the three steps we're taking today.”

Scotia Capital economist Derek Holt said the tighter criteria for mortgages could cause the housing market to ``really heat up” over the next few months as buyers try to get approved before the stricter rules come into force.

``This all leads to short-term price scrambling,” Mr. Holt said in an interview, noting that the Harmonized Sales Tax due to take effect in Ontario and British Columbia on July 1 is already causing some buyers to rush into the market in a bid to close deals in advance. ``It could really heat up in the near term and then cool off in the back end of the year. With the HST in Ontario and B.C. and these changes, they have dramatically altered the home-buying decisions of Canadians.”

The three new changes to the mortgage insurance guarantee rules are intended to take effect on April 19, according to a statement.
Mr. Flaherty stressed that some lenders are already applying stricter standards when approving buyers for mortgages, but said today's announcement was needed to ensure others start doing so.

``I prefer not to give direction to lending institutions about what their practices ought to be and what their standards ought to be,” he said. ``We are now providing direction in what they ought to do.''

In reference to the tightening of refinancing rules, Mr. Flaherty said this will encourage Canadians to build equity in their homes instead of tapping that equity as a source of cash.

“This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” he said. ``We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than as a vehicle for quick cash.”

In his comments on the third measure, Mr. Flaherty said the hike in minimum down payments for such properties will help keep prices from climbing too high.

“We will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. This will discourage the kind of reckless real estate speculation that can drive prices to unsustainable levels which does not serve Canadian home buyers,” he said.

“We're not aiming here at investment properties,” Mr. Flaherty added. “What we're getting at is the speculation in multiple-condo markets, in particular.”

A backgrounder circulated by Finance Department officials explained that the change won't apply to borrowers who buy residential properties where they plan to live but which also include some rental units.

``The problem is this multiple-unit, non-owner-occupied situation,” he said.

At the same time, Mr. Flaherty acknowledged that even though most lenders already ask mortgage-seekers if they plan to live in the home they're trying to buy, they're not always sure they get an accurate response. The new rule is ``not easy to administer but it's not impossible either,” he said.

The Canadian Real Estate Association said in a report last week that low interest rates will push home resales and prices to records this year.

The new rules are meant to ``have some stabilizing effect” and encourage ``moderation” in the market, Mr. Flaherty said. When asked if that means the moves will push home prices lower, the minister said the main purpose was to curb the type of ``excesses” that helped fuel the subprime-mortgage meltdown in the United States.

``You can see people starting to use the equity in their homes as if it were cash and the assumption that took hold that housing prices only ever go up,” Mr. Flaherty said, adding the government is worried about ``the tendency for those who have limited credit to speculate in the market,” because ``they're the first ones to get into trouble in the market when interest rates go up.''

The moves send an appropriate message to borrowers about debt, said CIBC economist Avery Shenfeld. While the rules don't take effect yet, Mr. Shenfeld suggested that the banks might begin adopting them earlier. And they could take a little bit of steam out of the market, he said.

“It may be part of a cooling that we'll see in house price appreciation,” he said. “We were pushing into house prices that were running a bit ahead of rental rates and income fundamentals – not to the point that we feared a huge house price crash, but to the point that it might be time to head-off such risks.”

With files from Steve Ladurantaye and Tara Perkins in Toronto

[UrbanWaterloo]

Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX
Active listings down in 81 per cent of markets in January
Feb. 24, 2010
http://www.remax-oa.com/MediaNewsroom/Pages/ReadMore.aspx?ItemID=56

Mississauga, ON (February 24, 2010) – Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.

The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.

“There have never been so many motivating factors in play at once,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.”

Markets experiencing the tightest inventory levels include Toronto (- 41 per cent); Kitchener-Waterloo (-33 per cent); Ottawa (- 30 per cent); Victoria (- 30 per cent); Greater Vancouver (- 27 per cent); Halifax-Dartmouth (- 19 per cent); London-St. Thomas (- 18 per cent); Regina (- 16 per cent); and Winnipeg (- 13 per cent). Conditions were still balanced, but starting to tighten in Calgary, Edmonton and Saskatoon, particularly in the single-family detached category.

The highest year-over-year sales gains were reported in Greater Vancouver (152 per cent), Kelowna (121 per cent), Greater Toronto (87 per cent), Victoria (69 per cent), Hamilton-Burlington (58 per cent), London-St. Thomas (55 per cent) and Calgary (47 per cent). Western Canadian cities dominated the list of centres with the highest increases in price appreciation. These included Victoria at 25.5 per cent, Kelowna at 22 per cent, Greater Vancouver at 19.5 per cent, and Winnipeg at 17 per cent. St. John’s (23 per cent) and Toronto (19 per cent) were also among the frontrunners for price growth.

“Affordability is the catalyst for the vast majority of purchasers in today’s housing market,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While homeownership is still within reach in many major centres, levels are slipping. There is a growing sense, on both sides of the fence, that the time to act is now.”

While buyers are taking advantage of favourable conditions, sellers too are reaping the rewards. Competing bids are a factor in the marketplace once again, with well-priced listings—especially at the entry-level price point—experiencing multiple offers. Properties priced at fair-market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.

“The level of frustration is growing, as pent-up demand builds,” says Polzler. “For every successful offer, there are those that will walk away empty-handed. They’re thrust back into the buyer pool and the process starts all over again. Some buyers are upping the ante, while others are considering alternate housing options. Still, purchasers remain cautious in their bids, with most careful not to max out debt service ratios.”

Recent revisions to lending criteria will add fuel to the fire in the short term. Buyers considering a variable rate mortgage will step up their plans for homeownership in the next month or so just to get in under the wire. In the longer term, buyers will adjust, but move forward. Compromise has long been a reality—particularly in the larger centres. This simply means they may go smaller or further in their pursuits.

“It’s been a 180 degree turnaround from this time last year,” says Ash. “It’s clear that real estate from coast to coast has roared back to life and markets are once again firing on all cylinders. The vast majority of markets are now recovered and fully-evolved, with all segments working in tandem. At the luxury price point, activity was brisk in seventy-three per cent of centres surveyed, with momentum ramping up in the remainder. Opportunity exists in some areas, but the question is for how much longer? ”

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 37th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.


REMAX Market Trends 2010 - Full Report
http://www.remax-oa.com/MediaNewsroom/Lists/PressReleases/Attachments/56/REMAX_MarketTrends2010_RPT.pdf

Kitchener – Waterloo
Consumer confidence is taking hold once again in Kitchener-Waterloo, with sales posting strong gains in January. Three hundred and three homes sold during the first month of 2010, versus just 217 one year ago, and higher than December 2009’s strong showing of 258 sales. The market is quite active at all levels. First-time buyers remain the driving force, with the lion’s share of activity occurring under the $250,000 price point. Momentum is ramping up from $250,000 to $350,000, as move-up buyers step up demand. There is a shortage of supply across the board, with active listing down a substantial 33 per cent. Multiple offers are now commonplace—evident at all levels of the market—and properties are selling more quickly. Buyers are starting to feel frustrated in their pursuits. Sought-after areas such as Stanley Park, Breithaupt Park, Beechwood and Eastbridge have felt the greatest pinch. Pent-up demand has been a factor, with last year’s fence-sitters finally confident enough to make their moves. Boosting demand has also been those eager to buy before the Harmonized Sales Tax (HST) and interest rate hikes take effect later in the year. HST has been a growing consideration. Some purchasers are now looking to freeholds and semidetached homes versus the previously favoured condominium townhomes when it comes to affordability, given that condo fees are set to rise. Average price is on the upswing, increasing a considerable 13 per cent to $272,000 in January, up from $241,000 at the same time one year ago. Solid activity in the luxury segment has skewed average price slightly upward. Thirteen sales over $500,000—higher than average for January—were recorded versus just four last year. Activity is expected to remain brisk this Spring and throughout 2010. Listings —or lack of thereof—will continue to be the greatest variable affecting market conditions in the coming weeks and months.


Video
http://www.remax-oa.com/MediaNewsroom/Pages/REMAX_Market_Trends_2010.aspx

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[UrbanWaterloo]

Canada Mortgage and Housing Corporation: February Housing Starts Higher in Kitchener
http://www.marketwire.com/press-release/Canada-Mortgage-and-Housing-Corporation-February-Housing-Starts-Higher-in-Kitchener-1127937.htm

TORONTO, ONTARIO--(Marketwire - March 8, 2010) - Canada Mortgage and Housing Corporation (CMHC) released February preliminary housing starts data for the Kitchener Census Metropolitan Area1 (CMA) today. Construction began on 168 homes, up from the 103 units started in the same month last year. This was the fifth consecutive month with starts higher than a year ago.

To view the graph associated with this Press Release, please visit the following link: http://media3.marketwire.com/docs/KIT0308.pdf

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Foundations were poured for 92 single-detached homes in February, up from the 45 units started in February 2009. Townhome starts decreased to 18 units, down from 37 units last February. There were 24 rental apartment units started in February, up from the 19 apartment starts a year ago.. All municipalities in the CMA, except Cambridge, recorded higher starts in February.

"New home sales outpaced starts through most of 2009 which will support starts activity in 2010," said Edgard Navarrete, Market Analyst for the Kitchener CMA. "A tight resale home market and low interest rates have encouraged home buyers to consider the new home market. Any increase in demand for new homes must be met by new construction, as new home inventories are low," added Navarrete.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of 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 vital decisions.

HOUSING STARTS - KITCHENER CMA
YEAR-OVER-YEAR COMPARISON - MONTH OF FEBRUARY AND YEAR-TO-DATE
http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHCKitchenerCMAStats-February20-1.jpghttp://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHCKitchenerCMAStats-February2010-.jpg

[UrbanWaterloo]

Canada’s housing affordability slips slightly: RBC Economics
http://www.rbc.com/newsroom/2010/0315-housing.html

TORONTO, March 15, 2010 — Homeownership costs in Canada increased slightly across all housing segments in the closing months of 2009, as rising prices made it more expensive to own a home, according to the latest housing report released today by RBC Economics Research.

"While home affordability deteriorated at the national level in the fourth quarter of 2009, the change was relatively modest overall," said Robert Hogue, senior economist, RBC. "The effect of higher prices was largely mitigated by a small decline in mortgage rates and continued gains in household income."

The RBC Housing Affordability measure captures the proportion of pre-tax household income needed to service the costs of owning a home. During the fourth quarter of 2009, measures at the national level rose slightly across all housing types (the higher the measure, the more difficult it is to afford a home).

The detached bungalow benchmark inched 0.3 per cent higher to 40.6 per cent, the standard townhouse rose by 0.2 percentage points to 32.9 per cent, the standard condominium climbed by 0.1 per cent up to 28 per cent and the standard two-storey home increased by 0.3 percentage points to 46.7 per cent. Despite the recent increase, all affordability measures remain well below their levels from a year ago.

The report projects that the cost of owning a home will continue to rise, as strong demand and limited supply of homes for sale sustain the upward trend in prices. Exceptionally low mortgage rates and anticipated rate increases starting mid-year are fuelling demand.

Real estate markets in B.C. and Ontario should see a further boost in demand prior to the introduction of the harmonized sales tax (HST) on July 1, 2010, which will increase the transaction costs associated with a home purchase.

According to the report, the federal government's recent announcement of changes to the mortgage market were aimed at preventing a bubble from forming in Canada and could reduce demand when the new rules take effect in April. However, the precise market effect is unknown at this point.

"The anticipated and gradual rise in interest rates indicates that affordability is likely to gradually get worse as rates return to normal levels," added Hogue. "The significant drop in mortgage rates since late 2008 was the principal factor contributing to the overall improvement in housing affordability in the past year."

RBC's Housing Affordability measure for a detached bungalow for Canada's largest cities is as follows: Vancouver 69 per cent (up 1.4 percentage points), Toronto 49.1 per cent (up 0.1 percentage point), Ottawa 40.4 per cent (down 0.3 percentage points), Montreal 39.1 per cent (up 0.9 percentage points), Calgary 37.1 per cent (up 0.1 percentage point) and Edmonton 32.9 per cent (down 0.4 percentage points).

The RBC Housing Affordability measure, which has been compiled since 1985, is based on the costs of owning a detached bungalow, a reasonable property benchmark for the housing market. Alternative housing types are also presented including a standard two-storey home, a standard townhouse and a standard condominium. The higher the reading, the more costly it is to afford a home. For example, an affordability reading of 50 per cent means that homeownership costs, including mortgage payments, utilities and property taxes, take up 50 per cent of a typical household's monthly pre-tax income.
...
The full RBC Housing Affordability report is available online, as of 8 a.m. E.D.T. today at www.rbc.com/economics/market/pdf/house.pdf.

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[UrbanWaterloo]

Real estate agents poised to vote on shakeup of industry
Proposed changes an attempt to satisfy concerns raised by federal Competition Bureau
Steve Ladurantaye, From Monday's Globe and Mail
Published on Sunday, Mar. 21, 2010 10:03PM EDT
Last updated on Monday, Mar. 22, 2010 1:57AM EDT
http://www.theglobeandmail.com/report-on-business/real-estate-agents-poised-to-vote-on-shakeup-of-industry/article1507531/

Real estate agents are making a last-ditch effort to stave off pressure from the Competition Bureau by voting Monday on an overhaul of the way Canadians buy and sell homes.

Agents could find their job descriptions dramatically rewritten as the Canadian Real Estate Association votes on changes that would allow individuals to handle a greater portion of home sales on their own, while still taking advantage of the organization’s powerful listings database.

More than 300 representatives from the country’s real estate boards will gather in Ottawa to determine whether individual sellers should be able to pay a flat fee to an agent to post a listing on the organization’s proprietary Multiple Listings Service. Sellers could then negotiate the sale without the help of an agent. The proposed change would differ from the traditional method where agents handle the listing and sale process and take a percentage of the transaction as a commission.

The vote is a way for Canada’s real estate sales industry to satisfy concerns raised by the Competition Bureau, which has filed charges with the Competition Tribunal alleging the real estate association makes it impossible for any of its members to offer consumers fee-based services for particular portions of a transaction, such as listing on the MLS or negotiating a sale price.

This leads to higher prices for consumers, the Bureau alleges.

The proposed changes are a key pillar in the real estate organization’s defence before the Tribunal. The association must submit its response to the charges by March 25 and the organization hopes a strong vote from its members on the key issues troubling the Competition Bureau would be enough to have the charges set aside.

“CREA has been clear with the Competition Bureau that it was prepared to be pro-active and recommend rule changes that we believe address the board’s concerns even in the absence of a settlement,” the organization stated an internal memo to its members last month.

The MLS has operated for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, and each real estate board operates the service in their region.

The main change being proposed by CREA would allow an agent to list a property on the MLS, leave the consumer to fend for herself throughout the rest of the process. Currently, if the MLS is used then the agent must be employed throughout the process.

Another change would allow a seller’s name and phone number to be contained in the system so buyers can contact them, though they would still need to ask an agent to pass that information along.

While the changes would address many of the Competition Bureau’s concerns, the agency may prefer to press ahead with its case because the language of CREA’s proposal contains wiggle room, lawyers say, that would allow local real estate boards to retain the power to enforce their own rules.

The bureau also has something to prove. When Commissioner Melanie Aitken was appointed last summer, she promised to improve the bureau’s record of challenging organizations accused of anti-competitive conduct. By taking the case against CREA to a tribunal, the bureau will have to convince a specialized body that the association’s practices are limiting competition in the home-selling business.

CREA president Dale Ripplinger – who is a full-time agent in Saskatchewan – refused to comment on the meeting or its implications for his almost 100,000 members. The locally elected presidents of each of the country’s real estate boards have also been instructed to not speak with the media.

If the members approve the changes, a CREA spokesperson said the changes would be implemented “as soon as it is reasonable at each local board.”

Those who work with the public have been spending a great deal of time trying to figure out what the changes would mean to their businesses and their industry.

Nawel Seth, a broker at Coldwell Banker Trail Blazers Realty in Markham, Ont., said he plans to offer a la carte services – flat-fee listing, one-off advice, negotiating help – as soon as he’s given the green light.

“I can tell you that most agents I’ve spoken to across the country are comfortable with any changes that may be coming,” he said.

[jay]

I hope they do change it. It's a scam right now.

[Shawn]

I agree there is an overhaul needed. While real estate commissions rates have remained static at around 5% for years - until this past year - real estate prices have increased at an alarming rate - say 10 to 20% per year. That's like a salaried person getting a 10 to 20% raise in pay every year! Unheard of! I think these huge commissions (and the fact you really only need to do a few deals per year to survive) have attracted way too many people to be real estate agents, thereby splitting the pie into many more pieces. End result is you get an overwhelmingly large and under-experienced pool of agents instead of a smaller, well experienced group of professionals.

[Greg Moore]

There are a few things that are good about using real estate agents and a few that really bother me. I feel sellers are at a big disadvantage the way things are done.

I really can't stand the way agents present offers. They usually refuse to let the buyers and sellers negotiate face-to-face. It's more like the agents presenting to each other, discussing, then showing the offer to the other party. What is the advantage to either the seller or the buyer not to be at the table during negotiations? Unless your are a loud mouthed moron I can't think of any. I think it leaves too much room for agents to negotiate a deal in their best interest.

The industry is very good at looking out for itself. It will be interesting to see if this will create a new way of doing business with a list of fees for service more like a dentists office.

I hope these changes are good for everyone.

[taylortbb]

MARCH HOME SALES SURPASS THE 700 THRESHOLD
http://www.kwreb.on.ca/Stats/March%202010%20Media%20Release.pdf

KITCHENER‐WATERLOO, ON (April 6, 2010) – For the first time in the month of March, residential property sales through the Multiple Listing System (MLS®) of the Kitchener‐Waterloo Real Estate Board (KWREB) surpassed the 700 transactions threshold.
Home sales surged last month to 731 units, an increase of 47.1 percent relative to March 2009 results. In February there were 555 sales.
“Usually we start to see this kind of activity in April and May,” said, Ted Scharf, President of the Kitchener‐Waterloo Real Estate Board, “but spring has sprung a little earlier this year in terms of home sales.”
March’s sales included 427 detached homes (up 31.8 percent from 2009), 134 condominium units (up 69.6 percent from 2009), 71 semis (up 54.3 percent from 2009) and 93 townhouses (up 111.4 percent from 2009).
The most popular price range continues to be for homes selling between $225,000 and $250,000, with 120 sales in March, up 36.4 percent over last year. But demand for the highest price ranges continues to grow, with a notable 200 percent increase in residential sales over $500,000. In March there were 39 homes sold in March for more than half a million dollars, compared to only 13 properties this time last year.
Strong sales resulted in a 9.6 percent increase in the average sale price of homes sold in March to $276,695, as compared with one year ago. Detached homes saw an average sale price of $326,233 a 13.7 percent increased compared with March 2009.
Encouraging sales are a number of factors: The economic outlook, consumer confidence, the coming Harmonized Sales Tax, and most notably, the recent announcement of mortgage rate increases, with more adjustments expected to come.
REALTORS® believe that healthy communities depend on a strong economy, safe neighbourhoods, a clean environment, access to housing and the protection of rights of property owners. The KWREB recognizes the need to support and enhance the Quality of Life enjoyed by residents of Waterloo region.

Total Residential Units Sold in March over the last 10 years
Year | K-W Only Sales | All Area Sales
2000 | 412 | 501
2001 | 396 | 463
2002 | 435 | 514
2003 | 390 | 460
2004 | 553 | 659
2005 | 493 | 589
2006 | 484 | 596
2007 | 514 | 616
2008 | 479 | 608
2009 | 405 | 497
2010 | 561 | 731

March Residential Sale Price over the last 10 years
Year | K-W Only Sales Average Price | K-W Only Sales Median Price | All Area Sales Average Price | All Area Sales Median Price
2000 $156,588 $144,450 $161,517 $145,875
2001 $158,576 $150,250 $161,907 $154,500
2002 $172,077 $159,500 $174,142 $159,950
2003 $182,251 $168,000 $184,595 $168,000
2004 $197,873 $184,000 $197,320 $183,700
2005 $212,917 $197,000 $218,144 $202,000
2006 $226,924 $213,981 $237,702 $215,000
2007 $240,539 $224,000 $247,417 $227,000
2008 $252,567 $239,000 $254,443 $239,950
2009 $252,335 $240,500 $252,383 $239,900
2010 $273,584 $252,500 $276,695 $253,000

Definitions
K‐W Only= MLS® transactions through the KWREB within the cities of Kitchener and Waterloo.
All Area= K‐W Only plus the townships of Woolwich, Wellesley, Wilmot and any out‐of‐jurisdiction sales sold through KWREB.
The use of average price information can be useful in establishing long term trends, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. Those requiring specific information on property values should contact a REALTOR®.


Home sales soar across Waterloo Region in March, prices climb
April 06, 2010 | Record staff | http://news.therecord.com/article/694404

WATERLOO REGION — Home sales jumped about 45 per cent across the region in March, compared to the depths of the recession a year ago.

And average selling prices climbed, too, but more in Kitchener and Waterloo than Cambridge.

In Kitchener, Waterloo and surrounding townships, 731 homes were sold in March, a 47.1 per cent increase, says Ted Scharf, president of the Kitchener-Waterloo Real Estate Board.

The average selling price was $276,695. That’s 9.6 per cent higher than a year ago.

In Cambridge, 299 homes sold, a 43 per cent jump over depressed sales in March 2009, said Bob Peace, president of the Cambridge Real Estate Board.

The average selling price in March was $264,436, a 3.6 per cent increase over a year ago.

The stronger economic outlook and consumer confidence are spurring sales, Scharf and Pease said.

The new 13 per cent harmonized sales tax coming July 1 and announcements of higher mortgage interest rates are also fuelling spring sales, Scharf said.

[UrbanWaterloo]

National Housing Starts - March 2010
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-04-12-0815.cfm
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/images/hs_mar10.jpg


March Housing Starts Higher In Kitchener
Canada Mortgage and Housing Corporation
Apr 12, 2010 08:15 ET - http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-04-12-0815.cfm

TORONTO, ONTARIO--(Marketwire - April 12, 2010) - Canada Mortgage and Housing Corporation (CMHC) released March preliminary housing starts data for the Kitchener Census Metropolitan Area (CMA) today. Construction began on 185 homes, up from the 148 units started in the same month last year.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/Kitchener.pdf

Builders poured foundations for 90 single-detached homes in March, up from the 71 units started in March 2009. Townhome starts decreased to 36 units, down from 75 units last March. There were 45 rental apartment units started in March. Only the cities of Kitchener and Waterloo recorded higher starts in March. For the first quarter of 2010, construction began on 574 homes, up from the 341 units started in the same quarter of 2009.

"Housing starts are expected to remain above 2009 levels for most of this year as homebuyers are taking advantage of the historically low mortgage rates," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "New home sales have been strong as the tight resale market conditions have encouraged homebuyers to purchase in the new home market," added McLerie.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of 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 vital decisions.

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHCKitchenerCMAStats-March2010.jpg

[UrbanWaterloo]

Resale market sees nearly 100,000 homes listed for sale in March
http://creastats.crea.ca/natl/

OTTAWA – April 15th, 2010 – Homebuyers have more choice heading into the busy spring buying season, with new supply in Canada's resale housing market setting a record for the month of March. While resale housing demand remains strong, rising numbers of new listings are resulting in a more balanced national resale housing market.

According to statistics released by The Canadian Real Estate Association (CREA), some 97,663 residential properties were listed for sale on the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards in March 2010. This is an increase of 20 per cent from the previous March record set in 2008. A total of 233,402 new listings have come on stream since the beginning of the year, more than in any other first quarter period on record.

"Negotiations still favour sellers during the home buying process in a number of major Canadian housing markets," said CREA President Georges Pahud. "The rise in new listings means that buyers may shop around more before making an offer."

Demand remains very strong, but has edged lower compared to the record levels posted at the end of 2009. Seasonally adjusted national home sales totalled 130,072 units in the first three months of 2010. This represents the fourth highest quarterly level on record, down 3.4 per cent from the quarterly peak in the fourth quarter of last year. Sales activity in Ontario, Quebec, and Newfoundland & Labrador rose to new records in the first quarter. Higher activity in these provinces was offset by a decline in activity in British Columbia (-17.8 per cent) and Alberta (-9.7 per cent).

Actual (not seasonally adjusted) sales numbered 111,110 units in the first quarter of 2010. This is the third highest level ever for the first quarter period.

A total of 43,621 homes traded hands through Boards' MLS® Systems on a seasonally adjusted basis in March 2010. This is an increase of 1.4 per cent from February, as further gains in Toronto more than offset a decline in activity in Vancouver. Seasonally adjusted sales scaled new heights in Toronto and Ottawa in March.

Unadjusted national sales activity numbered 49,256 units in March. This marks the second highest level on record for the month of March. On a year-over-year basis, sales were up 40.8 per cent, smaller than those of the previous five months. Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking in the months ahead.

The national average price of homes sold via Canadian MLS® Systems in March was $340,920. This is the second highest national average price on record, just $300 below the peak reached last October. Compared to March 2009, the national average home price was up 17.6 per cent. As with sales activity, the increase was smaller than those recorded over the past five months, and year-over-year gains are expected to become further subdued as the year progresses.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 16 per cent on a year-over-year basis in March 2010.

The residential average price in Canada's major markets climbed 19 per cent year-over-year to $373,835 in March. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 17 per cent from levels reported in March 2009.

There were 214,312 homes listed for sale on Boards' MLS® Systems in Canada at the end of March 2010, a decline of nine per cent compared to the elevated levels of one year ago. This is the smallest year-over-year decline in active listings since June 2009.

The actual (not seasonally adjusted) number of months of inventory in March 2010 stood at 4.4 months. While well below where it stood one year ago (6.7 months), and down slightly from March 2008 (five months), months of inventory are higher compared to March from 2004 through 2007. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

On a seasonally adjusted basis, months of inventory stood at 4.6 months in March. This was little changed from February, but stands above levels reported in the previous four months.

"The erosion of housing affordability is crimping activity in some of Canada's priciest markets in the lower mainland of British Columbia," said CREA Chief Economist Gregory Klump. "Higher mortgage interest rates and the rise in new listings may also soon reduce some of the urgency to purchase in Toronto. Sales activity in British Columbia and Ontario is expected to ease over the second half of 2010 once the HST comes into effect, pulling national activity lower. Rising supply and lower activity will take the steam out of the pricing environment following upbeat home sales this spring."

http://creastats.crea.ca/natl/mls/charts/1.jpg http://creastats.crea.ca/natl/mls/charts/2.jpg http://creastats.crea.ca/natl/mls/charts/3.jpg

http://creastats.crea.ca/natl/mls/charts/4.jpg http://creastats.crea.ca/natl/mls/charts/5.jpg http://creastats.crea.ca/natl/mls/charts/6.jpg

[UrbanWaterloo]

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/images/cambridge-waterloo.jpg

Governments of Canada and Ontario Celebrate New Affordable Housing in Waterloo Region
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-04-30-1130.cfm

KITCHENER, ONTARIO, April 30, 2010 — Funding of $7.71 million for two housing projects providing a total of 65 new affordable housing rental units for seniors living on a low income was announced today in Kitchener.

The Honourable Gary Goodyear, Minister of State (Science & Technology), (Federal Economic Development Agency for Southern Ontario) and Member of Parliament for Cambridge, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), Leeanna Pendergast, Parliamentary Assistant to the Minister of Education and Member of Provincial Parliament for Kitchener – Conestoga, on behalf of Jim Bradley, Ontario’s Minister of Municipal Affairs and Housing; along with Ken Seiling, Waterloo Regional Chair, Doug Craig, Mayor of Cambridge, and Brenda Halloran, Mayor of Waterloo, made the announcement.

“Our government is investing in affordable housing, to help create jobs and improve the quality of life for those families who need it most,” said Minister of State Gary Goodyear. “These initiatives will help people in our community access safe and affordable housing that meets their needs.”

“These two new housing initiatives support our Poverty Reduction Strategy and are part of our Open Ontario plan to create jobs and opportunities,” said MPP Pendergast. “We will continue to work closely with our municipal and federal partners to maximize the number of affordable housing units which are built during the life of this program.”

Today’s announcement celebrates funding for two local affordable housing projects:

565 Margaret Street, a 61-unit project located in Cambridge received over $7.2 million. The project is sponsored by Home Concept Property Management, providing affordable housing for seniors living on low income in Cambridge.
Newo Seniors, located at 364 Erb Street West and sponsored by Newo Holdings Ltd. received $480,000 for four additional affordable rental units. The units will provide housing for seniors living on low income in Waterloo.

“The Waterloo and Cambridge projects provide a greater choice of safe, affordable rental housing for our senior citizens,” said Ken Seiling, Regional Chair. “There is still a great need for affordable housing in Waterloo Region, so the addition of 65 new units is especially welcome.”

“There's no question that affordable housing is an issue facing each of the municipalities in our region,” said Waterloo Mayor Brenda Halloran. “Today's announcement will help ease that pressure, and will have a direct impact on individuals and families in our communities.”

“It’s partnerships like this that make a difference and can directly address the need for added affordable housing opportunities for low-income seniors,” said Cambridge Mayor Doug Craig. “Enhancing support for seniors is a priority for Cambridge and the multi-government investment of over $7 million will provide for an additional 61 units to help address the gaps in existing affordable housing.”

The Government of Canada wants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada’s Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billion for new and existing social housing, plus up to $2 billion in loans to municipalities for housing-related infrastructure.

Canada’s Economic Action Plan builds on the Government of Canada’s commitment in 2008 of more than $1.9 billion, over the next five years, to improve and build new affordable housing and help the homeless.

Ontario is moving quickly to implement this additional funding. The province has already approved more than $388 million for construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.ontario.ca/mah.

More information on this and other measures in Canada’s Economic Action Plan can be found at www.actionplan.gc.ca. To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642 or visit www.cmhc.ca/housingactionplan.

[jay]

April house sales go through the roof
May 5, 2010 | BY CHUCK HOWITT, RECORD STAFF | http://news.therecord.com/Business/article/707033

WATERLOO REGION — House sales in Kitchener and Waterloo set a new record for the month of April.

A total of 724 residential properties changed hands, exceeding the previous record of 711 transactions in 2007, the Kitchener-Waterloo Regional Estate Board reported today.

House sales were also up in Cambridge last month. A total of 308 homes were sold, a 24-per cent increase over a year ago and the second-highest total ever in April, said the Cambridge Real Estate Board.

Ted Scharf, president of the Kitchener-Waterloo board, attributed the 12.6 per cent increase in April sales compared to a year ago to the impending HST (harmonized sales tax) and the threat of rising interest rates.

He cautioned that people shouldn’t overreact to the record sales totals. With the regional population growing by about three per cent a year, the board should be averaging 600 to 700 sales a month for April, one of the busiest times of year, he said. “We’re where we should be.”

Even the impact of the HST has been overrated, he believes, because it doesn’t apply to resale homes, and rebates are available on cheaper new homes.

While homes selling in the lower price ranges helped pull the market out of recession in April 2009, last month featured more activity in higher price brackets. Fifty-eight per cent of the homes sold last month cost more than $250,000. A year ago, 43 per cent of sales exceeded that mark.

The average sale price for all types of homes in Kitchener and Waterloo rose 12.9 per cent to $289,017. For detached homes, it rose 14.3 per cent to $331,366. Ten years ago the average price for all homes was $160,000.

Scharf isn’t worried we’re in the midst of a price bubble. Price increases have averaged a modest seven to eight per cent over the past decade, he said, well below the 20-per-cent spikes seen in some areas of the country.

For the year to date, sales are up 38.2 per cent to 2,437 units, from 1,763 for the first four months of 2009.

In Cambridge, strong demand pushed average prices up six per cent to $277,729 from $261,630 a year ago.

“Activity is forecast to remain elevated through the second quarter of the year before easing in the second half,” Bob Peace, president of the Cambridge board, said in a release.

The total dollar value of homes sold in April in Cambridge set a record at $85.5 million, up 31 per cent from a year ago. Active listings fell 23 per cent to 881 units.

[Spokes]

Ahh and the suburbs continue to grow in Kitchener.

How has barrelyards helped drive the numbers? Could they be starting the apartment buildings?


House construction surges in April

May 10, 2010
By Greg Mercer, Record staff

WATERLOO REGION – Home buyers rushing to beat the HST and rising mortgage rates helped make last month the region’s busiest April for new home construction in 20 years.

But builders are worried the stampede to snap up new homes this spring might lead to a major drop-off this summer – the worse case scenario for a sector just emerging from recession.

The foundations for 142 new single-detached homes were poured in Waterloo Region last month, up from 88 a year ago, the Canada Mortgage and Housing Corp. said Monday. But it was the spike in rental unit construction – driven largely by Waterloo’s long-awaited Barrelyards project – that pushed total housing starts to 390, a two-decade high.

It’s believed the Harmonized Sales Tax, set to go into effect July 1, is causing homebuyers to jump into the market sooner in a bid to avoid the tax. Though the 8 per cent portion of the HST will only be applied to new houses costing $400,000 or more, there’s a rush to avoid expected rises in mortgage rates, lawyer fees and realtor costs.

“People are trying to get in under the wire for the HST,” said Erica McLerie, the CMHC’s senior market analyst for the Kitchener census metropolitan area. “People are looking at the increase in mortgage rates, it’s constantly on the news. A lot of them are being savvy about it.”

McLerie expects the demand for new homes to remain strong for the rest of the year, though it will likely dip somewhat as this spring rush subsides. April’s strong numbers boosted the year-to-date housing starts to 964, more than double the 467 starts in the first four months of 2009.

But builders are less confident. Some are worried the bubble is about to burst, said Brian Blackmere, president of the Waterloo Region Home Builders Association.

“We’re starting to hear some rumblings from the consumer that ‘Oh my gosh, we’ve just understood there’s going to be a problem July 1st and things are going to go up,’” he said. “We’re only suspecting that what we’re seeing right now is a bubble, people trying to beat the HST. We don’t know how dramatically it’s going to fall.”

Waterloo was the most active local market in April, with 196 housing starts, including 185 apartment units. Kitchener recorded the most single-detached starts at 76. Cambridge was the only market where housing starts fell. There were 33 starts in Cambridge last month, down from 84 in April 2009.

Nationally, the seasonally adjusted annual rate of housing starts increased to 201,700 units in April from 199,200 in March. The seasonally adjusted annual rate for Ontario increased to 62,400 from 59,700 in March.

gmercer@therecord.com

[UrbanWaterloo]

May Housing Starts
http://www.cmhc.ca/en/corp/nero/nere/2010/2010-06-08-0815.cfm
Report: http://www.cmhc-schl.gc.ca/odpub/esub/64695/64695_2010_M06.pdf?sid=37a7adbb00ce41cf887af38d670 baa08&fr=1276646702942

http://www.cmhc.ca/en/corp/nero/nere/2010/images/hs_may10.jpg

OTTAWA, June 8, 2010 — The seasonally adjusted annual rate of housing starts was 189,100 units in May, according to Canada Mortgage and Housing Corporation (CMHC), down from a revised 201,800 units in April.

“Housing starts decreased in both the singles and the multiples segments in May,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The decrease in housing starts in May is consistent with our forecast that housing starts for 2010 will reach 182,000 units.”

The seasonally adjusted annual rate of urban starts decreased by 9.5 per cent to 165,200 units in May. Urban multiple starts decreased by 5.6 per cent to 92,800 units, while single urban starts decreased by 14.1 per cent to 72,400 units.

May’s seasonally adjusted annual rate of urban starts decreased 21.8 per cent in the Prairie region, 13 per cent in Quebec, 12.9 per cent in British Columbia, and 2.7 per cent in Ontario. Urban starts increased 23.3 per cent in Atlantic Canada.

Rural starts were estimated at a seasonally adjusted annual rate of 23,900 units in May.

As Canada's national housing agency, CMHC draws on more than 60 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 vital decisions.

Kitchener CMA

May 2010

Single-Detached
2009: 98
2001: 142
Change: 45%

All Others
2009: 120
2010: 72
Change: -40%

Total
2009: 218
2010: 214
Change: -2%

January-May 2010

Single-Detached
2009: 370
2001: 557
Change: 51%

All Others
2009: 315
2010: 621
Change: 97%

Total
2009: 685
2010: 1,178
Change: 72%
http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHC-PreliminaryHousingStartData-Re.jpg

[UrbanWaterloo]

National Rental Vacancy Rate Edges Higher
http://www.cmhc.ca/en/corp/nero/nere/2010/2010-06-15-0815.cfm

OTTAWA, June 15, 2010 — The average rental apartment vacancy rate in Canada's 35 major centres increased slightly to 2.9 per cent in April 2010 from 2.7 per cent in April 2009, according to the spring Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC).

“Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year,” said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre.

Results of this survey reveal that, in April 2010, the centres with the lowest vacancy rates were Québec City (0.4 per cent), Regina (0.8 per cent), Winnipeg (1.0 per cent), and St. John’s (1.1 per cent). At a provincial level, Manitoba and Newfoundland and Labrador posted the lowest vacancy rates at 1.0 per cent and 1.1 per cent, respectively.

The centres with the highest vacancy rates were Windsor (12.4 per cent), Peterborough and Abbotsford (6.6 per cent each). The provincial vacancy rate was on the rise in Alberta at 6.0 per cent this April, versus 4.6 per cent in April 2009.

The highest average monthly rents for two-bedroom apartments in new and existing structures were in Vancouver ($1,150), Toronto ($1,134), Calgary ($1,082), and Ottawa ($1,061). These four centres had average rents at or above $1,000 per month, although Victoria and Edmonton were very close, at $999 and $994, respectively. The lowest average monthly rents for two-bedroom apartments in new and existing structures were in Saguenay ($522), Trois-Rivières ($531), and Sherbrooke ($556).

Year-over-year comparisons of rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. However, by excluding new structures, we get a better indication of actual rent increases paid by most tenants. The average rent for two-bedroom apartments in existing structures across Canada’s major centres increased by 1.8 per cent between April 2009 and April 2010. Rent increases were larger in Regina (7.1 per cent), Saskatoon (5.3 per cent), and St. John’s (5.0 per cent).

CMHC’s spring Rental Market Survey also found that the rental apartment availability rate in Canada’s 35 major centres was 5.4 per cent in April 2010, up from 5.0 per cent in April 2009. A rental unit is considered available if the unit is vacant (physically unoccupied and ready for immediate rental), or if the existing tenant has given or received notice to move and a new tenant has not signed a lease. Availability rates were highest in Windsor (15.9 per cent), Peterborough (9.8 per cent), Saguenay (9.5 per cent), Barrie (8.3 per cent), and Sherbrooke (8.0 per cent). The lowest availability rates were in Winnipeg (1.5 per cent), Regina (1.5 per cent), and St. John’s (1.8 per cent).

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHC-RentalMarketReport-Spring2010.jpg


Ontario Highlights
https://www03.cmhc-schl.gc.ca/catalog/productList.cfm?csid=1&cat=59&lang=en&fr=1276647925153

Kitchener CMA Spring 2010 (Spring 2009 in Brackets)
Overall Vacancy Rate: 3.1% (2.9%)
Average Rent (Bachelor): $596 ($576)
Average Rent (1-Bedroom): $714 ($723)
Average Rent (2-Bedroom): $858 (853)
Average Rent (3-Bedroom+): $1,005 ($971)
# Bachelor Units: 676
# 1-Bedroom Units: 9,786 | 290 Vacant
# 2-Bedroom Units: 16,404 | 501 Vacant
# 3-Bedroom+ Units: 1,455 | 75 Vacant
Total Units: 28,321 | 879 Vacant

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHC-RentalMarketReport-Spring2010-.jpg

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHC-RentalMarketReport-Spring20-1.jpg

33096603

[UrbanWaterloo]

New Housing Price Index May 2010
July 8, 2010 | http://www.statcan.gc.ca/daily-quotidien/100708/dq100708a-eng.htm

The New Housing Price Index (NHPI) rose 0.3% in May following identical increases in March and April.

http://www.statcan.gc.ca/daily-quotidien/100708/c100708a.gif

Between April and May, prices increased the most in Regina (+3.4%), followed by Toronto and Oshawa (+0.7%).
In Regina, builders reported that they increased their prices as a result of higher material and labour costs as well as increased land development.
In Toronto and Oshawa, builders continued to report strong market conditions.
In May, prices decreased in Kitchener (-0.8%), Victoria (-0.4%), Windsor (-0.2%) and London (-0.1%).
Year over year, the NHPI was up 2.9% in May following a 2.5% increase in April. Builders in all five Prairie census metropolitan areas surveyed reported higher construction material costs.

http://www.statcan.gc.ca/daily-quotidien/100708/c100708b.gif

The largest year-over-year increase was recorded in Regina (+7.4%), followed by St. John's (+6.2%) and Vancouver (+5.8%).
Compared with May 2009, contractors' selling prices were also higher in Winnipeg (+4.8%) and Saskatoon (+4.5%).
Among the 21 metropolitan areas surveyed, 3 registered 12-month declines in May: Victoria (-3.9%), Charlottetown (-1.6%) and Edmonton (-0.1%).


Note: The New Housing Price Index (NHPI) measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods. The prices collected from builders and included in the index are market selling prices less value added taxes, such as the Federal Goods and Services Tax (GST) or the Harmonized Sales Tax (HST).
The HST came into effect July 1, 2010, in Ontario and British Columbia. According to the Canada Revenue Agency "[if] the written agreement of purchase and sale is entered into after June 18, 2009 (November 18, 2009, in British Columbia), and both ownership and possession of the house transfer to the purchaser after June 2010, the HST at 13% (12% in British Columbia) would apply to the sale". A certain number of builders in Ontario and in British Columbia did not yet include the HST in the prices of some of their new houses, as this release refers to the reference month of May 2010.
The provincial sales tax on building materials in Ontario and in British Columbia is embedded in the contractor's selling prices of new houses. With the introduction of the HST in these two provinces, this provincial sales tax will be eliminated and replaced by the HST. As value added taxes are conceptually excluded from the index, this change may cause negative monthly variations in the index for some metropolitan regions in Ontario and British Columbia during the implementation period of the tax.
This release presents data that are not seasonally adjusted and the indexes published are final.

The new housing price indexes for June will be released on August 10.

Table 1: New Housing Price Indexes
http://www.statcan.gc.ca/daily-quotidien/100708/t100708a1-eng.htm
http://i196.photobucket.com/albums/aa262/AndrewEH/Business/StatisticsCanada-Table1-NewHousingP.jpg

[UrbanWaterloo]

June Housing Starts
OTTAWA | July 9, 2010 | http://www.cmhc.ca/en/corp/nero/nere/2010/2010-07-09-0815.cfm
Report: http://www.cmhc-schl.gc.ca/odpub/esub/64695/64695_2010_M07.pdf?sid=4d12cf75408b458d913cd4f4c6e 93ea5&fr=1278699488780

http://www.cmhc.ca/en/corp/nero/nere/2010/images/hs_june10.jpg

The seasonally adjusted annual rate of housing starts was 189,300 units in June, according to Canada Mortgage and Housing Corporation (CMHC).
Seasonally adjusted annual rate estimates of housing start activity were also revised up for April and May. This resulted in a month-over-month gain of 3.7 per cent in April (205,900 units), a 5.1 per cent decline in May (195,300 units), and a decrease of 3.1 per cent in June.
“Housing starts decreased during June, largely due to the multiple starts segment in Ontario. The single starts segment was largely unchanged Canada-wide.” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “After a robust start to 2010, we expect the pace of housing start activity to moderate and total 182,000 units by year-end.”
The seasonally adjusted annual rate of urban starts decreased by 2.6 per cent to 167,000 units in June. Urban multiple starts decreased by 5.8 per cent to 89,200 units, while single urban starts edged higher by 1.4 per cent to 77,800 units.
June’s seasonally adjusted annual rate of urban starts decreased 19.8 per cent in Atlantic Canada and 17.4 per cent in Ontario. Urban starts increased 11.6 per cent in Quebec, 8.6 per cent in the Prairie Region, and 6.3 per cent in British Columbia.
Rural starts were estimated at a seasonally adjusted annual rate of 22,300 units in June.

June Housing Starts Jump in Kitchener
Toronto | July 9, 2010 | http://www.marketwire.com/press-release/June-Housing-Starts-Jump-in-Kitchener-1287817.htm
Graph: http://media3.marketwire.com/docs/kitchener_cma_housing_starts_0709.pdf

Canada Mortgage and Housing Corporation (CMHC) released June preliminary housing starts data for the Kitchener Census Metropolitan Area1 (CMA) today. Construction began on 388 homes, more than double the 146 units started in the same month last year.
Builders poured foundations for 135 single-detached homes in June, up from the 77 units started in June 2009. While townhouse starts increased, it was the surge in apartment starts that pulled total starts significantly higher. Cambridge and Kitchener starts were higher due to the increase in both single-detached and apartment starts. In the first half of 2010, construction began on 1,566 homes, up from the 831 units started in the same period of 2009.
"Residential construction in the first half of this year was at the highest level in five years," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "The strong level of apartment construction, as well as the increased demand for new homes in the latter part of 2009 and early 2010 were responsible for the strength of new residential construction this year," added McLerie.

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHCHousingStartsKitchenerCMA-June2.jpg

http://i196.photobucket.com/albums/aa262/AndrewEH/Business/CMHCPreliminaryHousingStartDataJune.jpg

[Duke-of-Waterloo]

Home construction still hot in Wilmot
NEW HAMBURG INDEPENDENT (http://www.newhamburgindependent.ca/) | Wednesday, July 14, 2010

Building numbers in Wilmot Township continue to outpace the rest of the province in terms of home starts.

The start of Phase 2 at the Wilmot Recreation Complex pushed total construction values up to $16.6 million in June, while new home construction accounted for $4.1 million of the total. The township issued 46 building permits in June, 19 of which were for new homes.

Total construction value for the year is close to three times the amount for the first six months of 2009.

Waterloo Region housing starts are still hot despite a slowdown across the province. Construction began on 388 homes in Kitchener last month, more than double the 146 units started in the same month last year.

The Canada Mortgage and Housing Corporation reports Ontario home starts in urban areas moved lower in June. An estimated 52,600 residential housing units broke ground, down from a revised 63,700 units in May.

“There’s no slowdown yet,” said Wilmot’s director of planning and development Harold O’Krafka.

http://www.newhamburgindependent.ca/news/article/215077 (http://www.newhamburgindependent.ca/news/article/215077)

[Spokes]

July a slow month for house sales in region

August 06, 2010
Record staff

WATERLOO — House sales cooled off in Waterloo Region in July, but the president of the Kitchener-Waterloo Real Estate Board insists the local market remains stable.

Sales were down 23.7 per cent in Kitchener and Waterloo as 499 homes changed hands compared to 654 for the same month a year ago, the board said Friday.

In Cambridge, 237 homes were sold last month, a drop of 16.3 per cent from the 283 sold for the same month a year ago.

While July totals were down, Ted Scharf, president of the Kitchener board, pointed to year-to-date residential sales of 4,135 units, an increase of 9.2 per cent compared to 2009.

“There are only so many buyers in a year. We had a pretty hot spring. Buyers came out in droves,” he said in an interview.

The average sale price rose one per cent to $284,344, another sign that the local market remains stable and values are “in no way inflated,” Scharf said.

July was a busy month last year as the economy emerged from the recession, he noted. The harmonized sales tax, which kicked in on July 1, may also have dampened sales this year, he said.

Instead of the previous five per cent, buyers now pay a 13 per cent HST on real estate commissions, legal fees, appraisals, condo fees, home inspection fees and moving costs.

July’s sales totals were the lowest since 2002.

Last month’s residential sales in Kitchener and Waterloo included 332 detached homes, 80 condos, 39 semis and 41 townhouses. The most popular price range was $225,000 to $275,000. Thirty-per-cent of sales occurred in this category.

While July totals were down in Cambridge, year-to-date sales are up 10.7 per cent. A total of 1,757properties have changed hands, compared to 1,587 for the first seven months of 2009.

The average sale price increased 14.9 per cent to $287,923 in July.

“We’re continuing to see strong upward pressure on prices,” Bob Peace, president of the Cambridge Real Estate Board, said in a release.

But softer sales and gains in housing supply will likely have a cooling effect on prices in the second half of the year, he noted.

One hundred and five properties sold for under $249,999, the busiest category during July, the board said.

[Spokes]

Waterloo Region No. 2 place to invest in Canada: survey
Calgary No. 1, according to Real Estate Investment Network

August 09, 2010
Record staff and news services

WATERLOO REGION – Waterloo Region ranks No. 2 behind Calgary among the best places to invest in Canada, a survey says.

The Real Estate Investment Network (REIN), a western Canada-based national organization of investors with offices in Calgary and Abbotsford, B.C., refers to Waterloo Region as the “economic Alberta of Ontario.”

That means Waterloo Region is seen not only as the economic engine of the new Ontario economy, but also that it “will outperform all other major regions in eastern Canada,” says REIN president Don Campbell

For indicators, he points to job growth, student growth and a new light rapid-transit system.

The report, first published on the network’s website in June, analyzes current and future prospects for real estate investment opportunities and names 11 cities that will outperform the rest in the coming decade.

The list:

Calgary
Kitchener-Waterloo-Cambridge
Edmonton
Surrey, B.C.
Maple Ridge, B.C.
Hamilton
St. Albert, AB
Simcoe Shores (Barrie-Orillia)
Red Deer, AB
Winnipeg
Saskatoon

[Spokes]

Wow, hearing that Waterloo Region is the “economic Alberta of Ontario” and that we “will outperform all other major regions in eastern Canada,” that's pretty impressive!!

[Spokes]

Here's what REIN said specifically about what things will look like in Ontario from 2009 to 2014:


Ontario's Top Investment Towns Named For 2009 - 2014
National Independent Real Estate Research Company Releases Findings of Ontario Economic Analysis

"Technology Triangle remains the Number One place to invest in Ontario"

Oct. 2nd - The Real Estate Investment Network’s (REIN™) release of Top Ontario Investment Towns analyzes the current and future prospects for real estate investment opportunities in Ontario.The 108 page report states that recent market correction provides buying opportunities for home owners and investors; however, only in select regions of the province.It identifies which areas will outperform in the coming decade and finds that the Kitchener Waterloo Cambridge area is the top region in Ontario in which to invest in real estate.

REIN™ is Canada's leading real estate research, education, and consulting organization for the last 17 years and its latest report is an analysis of key economic fundamentals for investors and home owners across North America. The in-depth research is based on the latest statistics, economic and social trends, and on-the-ground reports from REIN™'s research staff, members and industry professionals.

Today's Market Turmoil means Opportunity for Investors & First Time Home-Buyers
"Despite today's continuing market turmoil, our research indicates that there are more buying opportunities now than in the last few years, meaning more investment options and better yields" said report lead author Don R. Campbell, REIN™ President and author of the best-selling books Real Estate Investing in Canada and 97 Tips For Real Estate Investing.

"With today’s mixed market signals it is critical that investors and home-buyers complete that extra level of due diligence.We are no longer in the Tiger Woods years of real estate investing, where you won no matter what you bought. Now we get back to market reality where economic fundamentals, not speculation, will once again play the key role in whether a property increases or drops in value. The years of skyrocketing prices are finally over; however, over the long term the economic fundamentals of these key regions will help their property values dramatically outperform other regions of the province."

The Top Ontario Investment Towns report list:
1) Technology Triangle:Kitchener, Waterloo, Cambridge
2) Hamilton
3) Simcoe Shores:Barrie- Orillia
4) Brampton
5) Durham Region – Whitby, Pickering, and Ajax
6) Ottawa
7) Brantford
8) Toronto
9) Vaughan
10) Whitchurch-Stouffville

KWC on Top of the list
The communities of Kitchener, Waterloo, and Cambridge, known collectively as Canada’s Technology Triangle, are becoming known as a competitive area in which to build high-tech businesses. The area is so strong economically that the Real Estate Investment Network™ in its past research has dubbed it the “Economic Alberta of Ontario”. This continues to prove true as the region was once again selected as the number-one investment town in Ontario. Within a 24 hours drive, the Technology Triangle has access to more than 60% of Canada’s population and 40% of the U.S. population. The reinvention of the region’s economy in the last few years has lead to investment in the information technology sector, a venture which has protected the Triangle from the steep increase in job losses experienced in many other Ontario communities. A commitment to infrastructure improvements and transportation projects will also help drive the economy and the real estate market in this area.

[Spokes]

National housing market continues to slip, starts still up in Waterloo Region

August 10, 2010
By Sunny Freeman

TORONTO — Canadian housing starts fell in July for the third straight month and home prices rose less than anticipated in June, according to new reports that reinforced signs of a dampening trend in the housing market that is expected to continue into next year.

“We’ve seen a cooling on the demand side of the housing market for a good six months now and the supply side tends to follow that,” said Robert Kavcic, an economist at the Bank of Montreal.

New home starts fell 1.6 per cent to 189,200 last month, with the drop led by a decline in single-unit homes, according to figures released Tuesday by Canada Mortgage and Housing Corp.

“The first thing you see is sales slow down and then about six months later construction activity starts to slow down. Sales actually peaked at the end of 2009 and I think it makes sense that construction activity peaked a couple months ago,” Kavcic said.

After three consecutive months of decline, housing starts are now down a moderate eight per cent from their April peak, and will likely slow further over the rest of the year, he added.

July’s figures came in just above market expectations for 185,000 new homes — but represented a 1.6 per cent decline from the previous month after the agency revised June’s starts upward to 192,300 from 189,300.

In Waterloo Region, the continuing surge in apartment construction pushed last month’s housing starts in ahead of last year’s totals.

Builders started 289 housing units in the Kitchener census metropolitan area in July, the housing corporation said. That is up from 260 in July a year ago.

Foundations were poured for 95 single-detached homes, one more than year ago. Work started on 36 townhouse and semi-detached units, also one more than in 2009.

Construction started on 158 apartment units, up from 131 in July 2009. Most of those units – 140 – are going up in Waterloo as work started on two large buildings – one a condo project and the other a rental building.

“The surge in apartment construction, both rental and condominium, is in line with the region’s intensification initiatives and the increased demand for apartment-style living,” Erica McLerie, a senior market analyst with the housing corporation, said in a news release.

Housing starts through the first seven months of the year totalled 1,856, up from 1,091 in the same period a year ago. The year-to-date starts are at the highest level since 2005.

In a related housing market report released Tuesday, Statistics Canada said the New Housing Price Index rose 0.1 per cent in June following a 0.3 per cent increase in May.

The housing market helped pump Canada’s economy out of recession, and led a global recovery, but has stalled in recent months as consumers face rising mortgage rates and worries over a still-fragile economic recovery.

Canada’s housing market is now cooling faster than any other country amidst a recent global real estate slowdown, according to the Global Real Estate Trends report released Tuesday by Scotiabank.

“The recent slowdown has been most dramatic in Canada,” said Adrienne Warren, senior economist at Scotia Economics.

Home prices in Canada were up just 6.8 per cent year over year in the second quarter, compared with 16.6 per cent year over year in the first quarter, she noted.

“Sales, while still at a high level, have trended steadily lower alongside reduced affordability and exhausted pent-up demand.”

Cover said after a sharp rebound in the housing market earlier this year, the downward trend in home building activity should not come as a shock.

Many Canadians rushed to enter the housing market in the second half of last year and the first half of this year as buyers hoped to secure mortgages while interest rates were historically low and before the introduction of new mortgage lending rules and the harmonized sales tax in B.C. and Ontario.

“And given the lag time between construction and sales, builders began slowing housing starts a few months in advance,” Cover said.

Canada’s once-hot housing market likely made a less substantial contribution to the country’s GDP in the second quarter before it becomes a drag on GDP in the third quarter, Cover said.

After three consecutive months of decline, housing starts are now down a moderate eight per cent from their April peak, said Robert Kavcic, an economist at the Bank of Montreal.

“That was likely the high-water mark of the recovery in Canadian residential construction activity, and (we) expect further slowing in the remainder of 2010.”

Meanwhile, June’s rise in new home prices was softer than expected, but lifted the annual year-over-year increase to 3.3 per cent from 2.9 per cent in May, Kavcic added.

“Next month’s release will reveal the full impact of the HST in B.C. and Ontario. While the index excludes taxes, it will be interesting to see any sign that builders are passing on part of their cost savings, which would apply some downward pressure to prices,” he wrote in a report.

Urban starts increased by 1.9 per cent to 169,300 units in July — driven by multiple unit starts, which increased by 13.4 per cent to 101,400 units. Single urban starts dropped 11.3 per cent to 67,900 units.

That falls in line with a trend over the past six months in which multiple starts have been rising while single-unit starts — seen as the best barometer of the housing market’s health — have been contracting, Cover said.

She predicted housing starts will be driven down to between 165,000 and 170,000 units by the end of the third quarter.

Meanwhile, Warren’s report found that Canadians have been paying more to sellers of resale homes than to new home builders in the past decade in which the average cost of a new home increased by just over 50 per cent, while the average resale home price has more than doubled since 2000.

“Traditionally, the demand and pricing for new homes mirror, but with a lag, trends in the resale market. When resale housing selection is limited, and/or prices are increasing sharply, buyers are more likely to consider a new home purchase.”

Buyers have been driven to the resale market due to factors including an influx of renovation activity that has added value to the existing stock of houses and increases in urban land values.

Warren expects housing market demand to ebb lower into next year and prices to remain roughly flat.

[UrbanWaterloo]

New Housing Price Index July 2010
Released Thursday, September 9, 2010 (http://www.statcan.gc.ca/daily-quotidien/100909/dq100909b-eng.htm)

The New Housing Price Index (NHPI) decreased 0.1% in July following a 0.1% increase in June. This was the first decrease at the Canada level in 13 months.
The top contributors to the NHPI monthly decrease were Vancouver, London and Greater Sudbury and Thunder Bay.

http://www.statcan.gc.ca/daily-quotidien/100909/c100909a.gif http://www.statcan.gc.ca/daily-quotidien/100909/c100909b.gif

Between June and July, prices decreased the most in Greater Sudbury and Thunder Bay (-1.9%), London (-1.8%) and Windsor (-1.5%). In these cities, as well as in Hamilton and St. Catharines–Niagara, prices decreased partly as a result of the introduction of the Harmonized Sales Tax, which is excluded from the calculation of the NHPI.

In July, prices increased in 3 of the 21 metropolitan areas. The largest increase recorded was in Kitchener–Cambridge–Waterloo (+0.6%), where builders increased their prices as a result of competitive market conditions.

Year over year, the NHPI was up 2.9% in July following a 3.3% increase in June.

The main contributors to the year-over-year increase were Toronto and Oshawa as well as Vancouver.

The largest year-over-year increase was recorded in Regina (+6.9%), followed by St. John's (+6.1%) and Winnipeg (+5.0%).

Compared with July 2009, contractors' selling prices were also higher in Ottawa–Gatineau (+4.7%), Vancouver (+4.5%) and Saskatoon (+4.0%).

Among the 21 metropolitan areas surveyed, 3 registered 12-month declines in July: Charlottetown (-2.1%), Windsor (-2.0%) and Greater Sudbury and Thunder Bay (-1.7%).

The New Housing Price Index for August will be released on October 13.

Table 1: New Housing Price Indexes (http://www.statcan.gc.ca/daily-quotidien/100909/t100909b1-eng.htm)
Note: 1. The relative importance is calculated using a price adjusted three-year average of the value of building completions for each metropolitan area.
<table><tr><th id="hdt1r1c1" class="stub1 RGBShade">&nbsp;</th><th id="hdt1r1c2" align="right">2010</th><th id="hdt1r1c3" align="right">July 2009</th><th id="hdt1r1c4" align="right">June 2010</th><th id="hdt1r1c5" align="right">July 2010</th><th id="hdt1r1c6" align="right">June to July 2010</th><th id="hdt1r1c7" align="right">July 2009 to July 2010</th></tr></thead><tbody><tr><td id="t1stub2" class="stub1 RGBShade">&nbsp;</td><td align="right" headers="hdt1r1c2 t1stub2" class="data">relative importance¹</td><td colspan="3" align="center">(1997=100)</td><td colspan="2" align="center">% change</td></tr><tr><td id="t1stub4" class="stub1 RGBShade"><b>Canada total</b></td><td align="right" headers="hdt1r1c2 t1stub4" class="data"><b>100.00</b></td><td align="right" headers="hdt1r1c3 t1stub4" class="data"><b>153.6</b></td><td align="right" headers="hdt1r1c4 t1stub4" class="data"><b>158.2</b></td><td align="right" headers="hdt1r1c5 t1stub4" class="data"><b>158.0</b></td><td align="right" headers="hdt1r1c6 t1stub4" class="data"><b>-0.1</b></td><td align="right" headers="hdt1r1c7 t1stub4" class="data"><b>2.9</b></td></tr><tr><td id="t1stub5" class="stub2 RGBShade"><b>House only</b></td><td align="right" headers="hdt1r1c2 t1stub5" class="data"><b>...</b></td><td align="right" headers="hdt1r1c3 t1stub5" class="data"><b>161.1</b></td><td align="right" headers="hdt1r1c4 t1stub5" class="data"><b>168.5</b></td>
<td align="right" headers="hdt1r1c5 t1stub5" class="data"><b>168.4</b></td><td align="right" headers="hdt1r1c6 t1stub5" class="data"><b>-0.1</b></td><td align="right" headers="hdt1r1c7 t1stub5" class="data"><b>4.5</b></td></tr><tr><td id="t1stub6" class="stub2 RGBShade"><b>Land only</b></td><td align="right" headers="hdt1r1c2 t1stub6" class="data"><b>...</b></td><td align="right" headers="hdt1r1c3 t1stub6" class="data"><b>137.9</b></td><td align="right" headers="hdt1r1c4 t1stub6" class="data"><b>137.7</b></td><td align="right" headers="hdt1r1c5 t1stub6" class="data"><b>137.4</b></td><td align="right" headers="hdt1r1c6 t1stub6" class="data"><b>-0.2</b></td><td align="right" headers="hdt1r1c7 t1stub6" class="data"><b>-0.4</b></td></tr><tr><td id="t1stub7" class="stub1 RGBShade">St. John's</td><td align="right" headers="hdt1r1c2 t1stub7" class="data">1.20</td><td align="right" headers="hdt1r1c3 t1stub7" class="data">181.1</td><td align="right" headers="hdt1r1c4 t1stub7" class="data">192.1</td><td align="right" headers="hdt1r1c5 t1stub7" class="data">192.1</td><td align="right" headers="hdt1r1c6 t1stub7" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub7" class="data">6.1</td></tr><tr><td id="t1stub8" class="stub1 RGBShade">Charlottetown</td><td align="right" headers="hdt1r1c2 t1stub8" class="data">0.31</td><td align="right" headers="hdt1r1c3 t1stub8" class="data">121.0</td><td align="right" headers="hdt1r1c4 t1stub8" class="data">118.8</td><td align="right" headers="hdt1r1c5 t1stub8" class="data">118.5</td><td align="right" headers="hdt1r1c6 t1stub8" class="data">-0.3</td><td align="right" headers="hdt1r1c7 t1stub8" class="data">-2.1</td></tr><tr><td id="t1stub9" class="stub1 RGBShade">Halifax</td><td align="right" headers="hdt1r1c2 t1stub9" class="data">1.22</td><td align="right" headers="hdt1r1c3 t1stub9" class="data">150.5</td><td align="right" headers="hdt1r1c4 t1stub9" class="data">151.8</td><td align="right" headers="hdt1r1c5 t1stub9" class="data">151.8</td><td align="right" headers="hdt1r1c6 t1stub9" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub9" class="data">0.9</td></tr><tr><td id="t1stub10" class="stub1 RGBShade">Saint John, Fredericton and Moncton^{<a title="table 1 footnote 2" href="t100909b1-eng.htm#tab1ftnote2">2</a>}</td><td align="right" headers="hdt1r1c2 t1stub10" class="data">0.88</td><td align="right" headers="hdt1r1c3 t1stub10" class="data">120.4</td><td align="right" headers="hdt1r1c4 t1stub10" class="data">123.4</td><td align="right" headers="hdt1r1c5 t1stub10" class="data">123.4</td><td align="right" headers="hdt1r1c6 t1stub10" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub10" class="data">2.5</td></tr><tr><td id="t1stub11" class="stub1 RGBShade">Québec</td><td align="right" headers="hdt1r1c2 t1stub11" class="data">2.46</td><td align="right" headers="hdt1r1c3 t1stub11" class="data">165.5</td><td align="right" headers="hdt1r1c4 t1stub11" class="data">171.9</td><td align="right" headers="hdt1r1c5 t1stub11" class="data">171.9</td><td align="right" headers="hdt1r1c6 t1stub11" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub11" class="data">3.9</td></tr><tr><td id="t1stub12" class="stub1 RGBShade">Montréal</td><td align="right" headers="hdt1r1c2 t1stub12" class="data">10.11</td><td align="right" headers="hdt1r1c3 t1stub12" class="data">165.3</td><td align="right" headers="hdt1r1c4 t1stub12" class="data">170.1</td><td align="right" headers="hdt1r1c5 t1stub12" class="data">170.1</td><td align="right" headers="hdt1r1c6 t1stub12" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub12" class="data">2.9</td></tr><tr><td id="t1stub13" class="stub1 RGBShade">Ottawa–Gatineau</td><td align="right" headers="hdt1r1c2 t1stub13" class="data">4.71</td><td align="right" headers="hdt1r1c3 t1stub13" class="data">169.7</td><td align="right" headers="hdt1r1c4 t1stub13" class="data">177.6</td><td align="right" headers="hdt1r1c5 t1stub13" class="data">177.6</td><td align="right" headers="hdt1r1c6 t1stub13" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub13" class="data">4.7</td></tr><tr><td id="t1stub14" class="stub1 RGBShade">Toronto and Oshawa^{<a title="table 1 footnote 2" href="t100909b1-eng.htm#tab1ftnote2">2</a>}</td><td align="right" headers="hdt1r1c2 t1stub14" class="data">33.99</td><td align="right" headers="hdt1r1c3 t1stub14" class="data">144.7</td><td align="right" headers="hdt1r1c4 t1stub14" class="data">149.7</td><td align="right" headers="hdt1r1c5 t1stub14" class="data">149.7</td><td align="right" headers="hdt1r1c6 t1stub14" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub14" class="data">3.5</td></tr><tr><td id="t1stub15" class="stub1 RGBShade">Hamilton</td><td align="right" headers="hdt1r1c2 t1stub15" class="data">2.96</td><td align="right" headers="hdt1r1c3 t1stub15" class="data">150.9</td><td align="right" headers="hdt1r1c4 t1stub15" class="data">153.2</td><td align="right" headers="hdt1r1c5 t1stub15" class="data">152.8</td><td align="right" headers="hdt1r1c6 t1stub15" class="data">-0.3</td><td align="right" headers="hdt1r1c7 t1stub15" class="data">1.3</td></tr><tr><td id="t1stub16" class="stub1 RGBShade">St. Catharines–Niagara</td><td align="right" headers="hdt1r1c2 t1stub16" class="data">0.96</td><td align="right" headers="hdt1r1c3 t1stub16" class="data">154.9</td><td align="right" headers="hdt1r1c4 t1stub16" class="data">157.0</td><td align="right" headers="hdt1r1c5 t1stub16" class="data">156.8</td><td align="right" headers="hdt1r1c6 t1stub16" class="data">-0.1</td><td align="right" headers="hdt1r1c7 t1stub16" class="data">1.2</td></tr><tr><td id="t1stub17" class="stub1 RGBShade">London</td><td align="right" headers="hdt1r1c2 t1stub17" class="data">1.91</td><td align="right" headers="hdt1r1c3 t1stub17" class="data">144.4</td><td align="right" headers="hdt1r1c4 t1stub17" class="data">150.3</td><td align="right" headers="hdt1r1c5 t1stub17" class="data">147.6</td><td align="right" headers="hdt1r1c6 t1stub17" class="data">-1.8</td><td align="right" headers="hdt1r1c7 t1stub17" class="data">2.2</td></tr><tr><td id="t1stub18" class="stub1 RGBShade"><font color="red"><b>Kitchener–Cambridge–Waterloo</b></font></td><td align="right" headers="hdt1r1c2 t1stub18" class="data"><font color="red"><b>2.17</b></font></td><td align="right" headers="hdt1r1c3 t1stub18" class="data"><font color="red"><b>142.7</b></font></td><td align="right" headers="hdt1r1c4 t1stub18" class="data"><font color="red"><b>144.3</b></font></td><td align="right" headers="hdt1r1c5 t1stub18" class="data"><font color="red"><b>145.1</b></font></td><td align="right" headers="hdt1r1c6 t1stub18" class="data"><font color="red"><b>0.6</b></font></td><td align="right" headers="hdt1r1c7 t1stub18" class="data"><font color="red"><b>1.7</b></font></td></tr><tr><td id="t1stub19" class="stub1 RGBShade">Windsor</td><td align="right" headers="hdt1r1c2 t1stub19" class="data">0.65</td><td align="right" headers="hdt1r1c3 t1stub19" class="data">104.2</td><td align="right" headers="hdt1r1c4 t1stub19" class="data">103.7</td><td align="right" headers="hdt1r1c5 t1stub19" class="data">102.1</td><td align="right" headers="hdt1r1c6 t1stub19" class="data">-1.5</td><td align="right" headers="hdt1r1c7 t1stub19" class="data">-2.0</td></tr><tr><td id="t1stub20" class="stub1 RGBShade">Greater Sudbury and Thunder Bay^{<a title="table 1 footnote 2" href="t100909b1-eng.htm#tab1ftnote2">2</a>}</td><td align="right" headers="hdt1r1c2 t1stub20" class="data">0.85</td><td align="right" headers="hdt1r1c3 t1stub20" class="data">112.7</td><td align="right" headers="hdt1r1c4 t1stub20" class="data">113.0</td><td align="right" headers="hdt1r1c5 t1stub20" class="data">110.8</td><td align="right" headers="hdt1r1c6 t1stub20" class="data">-1.9</td><td align="right" headers="hdt1r1c7 t1stub20" class="data">-1.7</td></tr><tr><td id="t1stub21" class="stub1 RGBShade">Winnipeg</td><td align="right" headers="hdt1r1c2 t1stub21" class="data">1.62</td><td align="right" headers="hdt1r1c3 t1stub21" class="data">182.9</td><td align="right" headers="hdt1r1c4 t1stub21" class="data">191.6</td><td align="right" headers="hdt1r1c5 t1stub21" class="data">192.1</td><td align="right" headers="hdt1r1c6 t1stub21" class="data">0.3</td><td align="right" headers="hdt1r1c7 t1stub21" class="data">5.0</td></tr><tr><td id="t1stub22" class="stub1 RGBShade">Regina</td><td align="right" headers="hdt1r1c2 t1stub22" class="data">0.59</td><td align="right" headers="hdt1r1c3 t1stub22" class="data">250.9</td><td align="right" headers="hdt1r1c4 t1stub22" class="data">268.3</td><td align="right" headers="hdt1r1c5 t1stub22" class="data">268.3</td><td align="right" headers="hdt1r1c6 t1stub22" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub22" class="data">6.9</td></tr><tr><td id="t1stub23" class="stub1 RGBShade">Saskatoon</td><td align="right" headers="hdt1r1c2 t1stub23" class="data">0.81</td><td align="right" headers="hdt1r1c3 t1stub23" class="data">211.4</td><td align="right" headers="hdt1r1c4 t1stub23" class="data">219.8</td><td align="right" headers="hdt1r1c5 t1stub23" class="data">219.8</td><td align="right" headers="hdt1r1c6 t1stub23" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub23" class="data">4.0</td></tr><tr><td id="t1stub24" class="stub1 RGBShade">Calgary</td><td align="right" headers="hdt1r1c2 t1stub24" class="data">7.88</td><td align="right" headers="hdt1r1c3 t1stub24" class="data">230.0</td><td align="right" headers="hdt1r1c4 t1stub24" class="data">236.3</td><td align="right" headers="hdt1r1c5 t1stub24" class="data">236.3</td><td align="right" headers="hdt1r1c6 t1stub24" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub24" class="data">2.7</td></tr><tr><td id="t1stub25" class="stub1 RGBShade">Edmonton</td><td align="right" headers="hdt1r1c2 t1stub25" class="data">8.29</td><td align="right" headers="hdt1r1c3 t1stub25" class="data">208.3</td><td align="right" headers="hdt1r1c4 t1stub25" class="data">208.7</td><td align="right" headers="hdt1r1c5 t1stub25" class="data">208.7</td><td align="right" headers="hdt1r1c6 t1stub25" class="data">0.0</td><td align="right" headers="hdt1r1c7 t1stub25" class="data">0.2</td></tr><tr><td id="t1stub26" class="stub1 RGBShade">Vancouver</td><td align="right" headers="hdt1r1c2 t1stub26" class="data">14.39</td><td align="right" headers="hdt1r1c3 t1stub26" class="data">114.3</td><td align="right" headers="hdt1r1c4 t1stub26" class="data">120.4</td><td align="right" headers="hdt1r1c5 t1stub26" class="data">119.4</td><td align="right" headers="hdt1r1c6 t1stub26" class="data">-0.8</td><td align="right" headers="hdt1r1c7 t1stub26" class="data">4.5</td></tr><tr><td id="t1stub27" class="stub1 RGBShade">Victoria</td><td align="right" headers="hdt1r1c2 t1stub27" class="data">2.04</td><td align="right" headers="hdt1r1c3 t1stub27" class="data">106.1</td><td align="right" headers="hdt1r1c4 t1stub27" class="data">106.0</td><td align="right" headers="hdt1r1c5 t1stub27" class="data">106.1</td><td align="right" headers="hdt1r1c6 t1stub27" class="data">0.1</td><td align="right" headers="hdt1r1c7 t1stub27" class="data">0.0</td></tr></table>

[UrbanWaterloo]

August Housing Starts
OTTAWA | September 9, 2010 | http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-09-09-0815.cfm

The seasonally adjusted annual rate of housing starts was 183,300 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate estimate of housing starts activity was revised down in July from 189,200 units to 188,900 units. This results in a month-over-month decrease of 3.0 per cent in August.

“Housing starts moved lower in August, reflecting a decrease in both single and multiple starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts decreased by 3.7 per cent to 162,800 units in August. Urban multiple starts moved lower by 3.7 per cent to 97,800 units, while single urban starts decreased by 3.6 per cent to 65,000 units.

Rural starts were estimated at a seasonally adjusted annual rate of 20,500 units.

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/images/hs_august10.jpg

<table width="450" border="1" cellpadding="3" cellspacing="0"> <tbody> <tr> <td colspan="5" valign="top" align="center"><strong>Housing Starts, Actual and SAAR*</strong> </td> </tr> <tr> <td rowspan="2" valign="top">&nbsp;</td> <td colspan="2" valign="top" align="center">Actual</td> <td colspan="2" valign="top" align="center">SAAR</td> </tr> <tr> <td valign="top" align="center">August<br> 2009</td> <td valign="top" align="center">August<br> 2010</td> <td valign="top" align="center">July<br> 2010</td> <td valign="top" align="center">August<br> 2010</td> </tr> <tr> <td valign="top">&nbsp;</td> <td valign="top" align="center">Revised</td> <td valign="top" align="center">Preliminary</td> <td valign="top" align="center">Revised</td> <td valign="top" align="center">Preliminary</td> </tr> <tr> <td valign="top"><strong>Canada</strong><strong>, all areas</strong> </td> <td valign="top" align="right">14,472</td> <td valign="top" align="right">16,509</td> <td valign="top" align="right">188,900</td> <td valign="top" align="right">183,300</td> </tr> <tr> <td valign="top">Canada, rural areas</td> <td valign="top" align="right">1,738</td> <td valign="top" align="right">2,256</td> <td valign="top" align="right">19,900</td> <td valign="top" align="right">20,500</td> </tr> <tr> <td valign="top">Canada, urban centres**</td> <td valign="top" align="right">12,734</td> <td valign="top" align="right">14,253</td> <td valign="top" align="right">169,000</td> <td valign="top" align="right">162,800</td> </tr> <tr> <td valign="top">Canada, singles, urban centres</td> <td valign="top" align="right">5,581</td> <td valign="top" align="right">6,123</td> <td valign="top" align="right">67,400</td> <td valign="top" align="right">65,000</td> </tr> <tr> <td valign="top">Canada, multiples, urban centres</td> <td valign="top" align="right">7,153</td> <td valign="top" align="right">8,130</td> <td valign="top" align="right">101,600</td> <td valign="top" align="right">97,800</td> </tr> <tr> <td valign="top">&nbsp;</td> <td valign="top" align="right">&nbsp;</td> <td valign="top" align="right">&nbsp;</td> <td valign="top" align="right">&nbsp;</td> <td valign="top" align="right">&nbsp;</td> </tr> <tr> <td valign="top">Atlantic region, urban centres</td> <td valign="top" align="right">907</td> <td valign="top" align="right">847</td> <td valign="top" align="right">12,400</td> <td valign="top" align="right">8,800</td> </tr> <tr> <td valign="top">Quebec, urban centres</td> <td valign="top" align="right">3,565</td> <td valign="top" align="right">2,822</td> <td valign="top" align="right">46,400</td> <td valign="top" align="right">38,200</td> </tr> <tr> <td valign="top">Ontario, urban centres</td> <td valign="top" align="right">4,260</td> <td valign="top" align="right">5,524</td> <td valign="top" align="right">51,400</td> <td valign="top" align="right">59,400</td> </tr> <tr> <td valign="top">Prairie region, urban centres</td> <td valign="top" align="right">2,490</td> <td valign="top" align="right">2,807</td> <td valign="top" align="right">38,700</td> <td valign="top" align="right">31,000</td> </tr> <tr> <td valign="top">British Columbia, urban centres</td> <td valign="top" align="right">1,512</td> <td valign="top" align="right">2,253</td> <td valign="top" align="right">20,100</td> <td valign="top" align="right">25,400</td> </tr> </tbody></table>
August Housing Starts Lower in Kitchener
Sep 09, 2010 08:15 ET | http://www.marketwire.com/press-release/August-Housing-Starts-Lower-in-Kitchener-1316087.htm

Canada Mortgage and Housing Corporation (CMHC) released August preliminary housing starts data for the Kitchener Census Metropolitan Area (CMA) today. Construction began on 190 homes, down from the 236 units started in the same month last year.
To view the chart associated with this press release, please visit this link (http://media3.marketwire.com/docs/cmhc0909kitchener.pdf).
Foundations were laid for 112 single-detached homes in August, down from the 134 units started in August 2009. Lower semi-detached and townhome starts, as well as the absence of apartment starts, also contributed to the lower housing starts in August. Only the City of Waterloo and the Township of North Dumfries had higher starts. In the first eight months of 2010, construction began on 2,046 homes, up more than 50 per cent from the 1,327 units started in the same period of 2009.
"August was only the second month this year in which starts were lower than the same month in 2009 and overall starts are still on pace to exceed the number recorded last year," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "As the local economy has improved with a rebound in employment growth in the last year, demand has increased for new homes," added McLerie.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of 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 vital decisions.

HOUSING STARTS - KITCHENER CMA
YEAR-OVER-YEAR COMPARISON - MONTH OF AUGUST AND YEAR-TO-DATE
<div class="scroll_table"><table style="width: 1050px;" cellspacing="0" cellpadding="0" width="100%"><tbody> <tr valign="bottom"> <td style="vertical-align: bottom; width: 29%; border-bottom: black 1px solid; text-align: right;" colspan="2">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Single</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Semi</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>TH</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Apt</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Total</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>% Chg</strong></td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td> <td style="vertical-align: bottom; width: 30%; border-bottom: black 1px solid; text-align: right;" colspan="2">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Single</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Semi</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>TH</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Apt</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Total</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>% Chg</strong></td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td> </tr> <tr valign="bottom"> <td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Cambridge City</strong></td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Cambridge City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td> <td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">32</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">12</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">44</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-26.7</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">173</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">54</td><td style="vertical-align: bottom; width: 5%; text-align: right;">65</td><td style="vertical-align: bottom; width: 5%; text-align: right;">294</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-38.2</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2009</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">47</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">13</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">60</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">234</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">125</td><td style="vertical-align: bottom; width: 5%; text-align: right;">115</td><td style="vertical-align: bottom; width: 5%; text-align: right;">476</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Kitchener City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Kitchener City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">53</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">44</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">99</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-25.6</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">449</td><td style="vertical-align: bottom; width: 5%; text-align: right;">80</td><td style="vertical-align: bottom; width: 5%; text-align: right;">233</td><td style="vertical-align: bottom; width: 5%; text-align: right;">203</td><td style="vertical-align: bottom; width: 5%; text-align: right;">965</td><td style="vertical-align: bottom; width: 5%; text-align: right;">76.1</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">46</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">79</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">133</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">252</td><td style="vertical-align: bottom; width: 5%; text-align: right;">20</td><td style="vertical-align: bottom; width: 5%; text-align: right;">186</td><td style="vertical-align: bottom; width: 5%; text-align: right;">90</td><td style="vertical-align: bottom; width: 5%; text-align: right;">548</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Waterloo City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Waterloo City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">9</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">12</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">21</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">200.0</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">91</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">20</td><td style="vertical-align: bottom; width: 5%; text-align: right;">460</td><td style="vertical-align: bottom; width: 5%; text-align: right;">571</td><td style="vertical-align: bottom; width: 5%; text-align: right;">329.3</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">5</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">7</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">49</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">29</td><td style="vertical-align: bottom; width: 5%; text-align: right;">55</td><td style="vertical-align: bottom; width: 5%; text-align: right;">133</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Woolwich Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Woolwich Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td> <td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">11</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">19</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-36.7</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">153</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">27</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">182</td><td style="vertical-align: bottom; width: 5%; text-align: right;">15.9</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">30</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">30</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">127</td><td style="vertical-align: bottom; width: 5%; text-align: right;">22</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">157</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 37%; text-align: left;" colspan="3"><strong>North Dumfries Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 38%; text-align: left;" colspan="3"><strong>North Dumfries Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">7</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">7</td><td style="vertical-align: bottom; width: 5%; text-align: right;">16.7</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">34</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">34</td><td style="vertical-align: bottom; width: 5%; text-align: right;">161.5</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr> <tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">6</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">6</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">13</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">13</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr> <tr valign="bottom"><td style="vertical-align: bottom; width: 37%; text-align: left;" colspan="3"><strong>KITCHENER CMA</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 38%; text-align: left;" colspan="3"><strong>KITCHENER CMA</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">August 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">112</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">76</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">190</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-19.5</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">900</td><td style="vertical-align: bottom; width: 5%; text-align: right;">82</td><td style="vertical-align: bottom; width: 5%; text-align: right;">334</td><td style="vertical-align: bottom; width: 5%; text-align: right;">730</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2046</td><td style="vertical-align: bottom; width: 5%; text-align: right;">54.2</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%; border-bottom: black 1px solid;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; border-bottom: black 1px solid; text-align: left;">August 2009</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">134</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">92</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">236</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td><td style="width: 1%; border-bottom: black 1px solid;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; border-bottom: black 1px solid; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">675</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">44</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">348</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">260</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">1327</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td></tr></tbody></table></div>

[UrbanWaterloo]

The rush is over for Ontario homebuyers amid eroding affordability: RBC Economics
TORONTO | September 27, 2010 | http://newswire.ca/en/releases/archive/September2010/27/c5195.html

Ontario's housing affordability eroded in the second quarter of this year for the fourth consecutive time and contributed to the significant slowing in resale activity since spring, according to the latest housing report released today by RBC Economics.

"After setting record highs this past winter, Ontario home resales have since come down to earth due to a number of transitory factors including the HST, changes in mortgage lending rules and the rush of first-time homebuyers to lock in low mortgage rates," said Robert Hogue, senior economist, RBC. "The deterioration in housing affordability, which continues to reverse the considerable improvements achieved in late-2008 and early-2009, has also played a role in the recent decline."

The RBC Housing Affordability Measures for Ontario, which capture the proportion of pre-tax household income needed to service the costs of owning a home, rose between 1.3 and 2.6 percentage points across all housing types in the second quarter of 2010 (a rise in the measure means a loss of affordability). The measure for the benchmark detached bungalow increased to 41.2 per cent (a rise of 2.3 percentage points over the previous quarter), the standard townhouse to 33.9 per cent (up 1.6 percentage points), the standard condominium to 28.8 per cent (up 1.3 percentage points) and the standard two-storey home to 47.4 per cent (up 2.6 percentage points).

The RBC report notes that the high-flying Toronto market was also not immune from the effects of the transitory factors and experienced significant declines in activity in recent months. Moreover, the deteriorating trend in Toronto's housing affordability continued in the second quarter, with RBC measures climbing 1.2 to 3.1 percentage points, reaching levels that now exceed long-term averages.

"The wild downswing in home resales could have caused some drama for Toronto area property values in the second quarter; however, a prompt retreat by sellers kept the demand-supply equation in balance and home prices largely resisted any emerging weakening forces," added Hogue.

RBC also notes that Ottawa's affordability levels edged closer to all-time highs in the second quarter with measures rising between 1.6 and 3.6 percentage points, representing some of the largest increases among major Canadian cities.

"The spring was a rude awakening for the Ottawa area market as home resales plummeted to depths even lower than those reached at the worst of the 2008 downturn," said Hogue. "While transitory factors such as the HST undoubtedly played a role in bringing forward sales earlier this year, increasing homeownership costs in the past year likely contributed in discouraging some buyers and could well become a prominent factor deterring buyers going forward."

Ontario and British Columbia saw the most significant deterioration in affordability in the second quarter; however, some improvements in specific housing types occurred in Alberta (condominiums) and Saskatchewan (townhouses). All other provinces showed modest erosion, with the exception of two-storey homes in Manitoba where the rise in the RBC measure was quite substantial.

RBC's Housing Affordability Measure for a detached bungalow in Canada's largest cities is as follows: Vancouver 74.0 per cent (up 1.7 percentage points from the last quarter), Toronto 50.2 per cent (up 2.4 percentage points), Montreal 43.2 per cent (up 1.8 percentage points), Ottawa 41.2 per cent (up 3.6 percentage points), Calgary 39.2 per cent (up 0.9 percentage point) and Edmonton 34.7 (up 2.5 percentage points).

The RBC Housing Affordability Measure, which has been compiled since 1985, is based on the costs of owning a detached bungalow, a reasonable property benchmark for the housing market. Alternative housing types are also presented including a standard two-storey home, a standard townhouse and a standard condominium. The higher the reading, the more costly it is to afford a home. For example, an affordability reading of 50 per cent means that homeownership costs, including mortgage payments, utilities and property taxes, take up 50 per cent of a typical household's monthly pre-tax income.

Highlights from across Canada

British Columbia: Homeownership in B.C. is testing household budgets with affordability deteriorating again in the second quarter despite downward pressure on home prices and market activity sinking since the start of this year. RBC's measures rose between 1.1 and 2.5 percentage points, representing some of the strongest increases among the provinces, and are near all-time highs for all housing categories. Very poor affordability is likely to restrain demand in the period ahead.

Alberta: Affordability measures have improved in Alberta since early 2008 as a result of lacklustre housing market conditions. The second quarter saw a mixed picture with prices easing slightly for condominiums but rising in all other categories. RBC notes that affordability measures are at or below their long-term averages, implying little downside risk to the market and boding well for a strengthening in housing demand once the provincial job market shows more substantial gains.

Saskatchewan: Rising mortgage rates during the quarter caused further deterioration in affordability for most housing types in the province. With the sole exception of townhouses edging lower, increases in affordability measures pushed levels further above long- term averages, indicating that some tensions may be building. RBC expects a strong rebound in the provincial economy this year and next which is likely to help ease such tensions.

Manitoba: Sellers kept a firm hand on pricing by reducing the supply of homes available for sale in the province, resulting in home prices continuing to appreciate, particularly for two-storey homes, which is translating into further deterioration of housing affordability. Homebuyers are feeling more pressure with affordability measures standing close to long-term averages.

Quebec: Quebec's record-breaking housing market rally proved to be unsustainable in the second quarter with resale activity settling to a pace comparable to levels witnessed in 2006-2007, which were considered to be fairly vigorous at the time. Affordability was hampered by home prices trending upward with RBC affordability measures now at or very close to the pre-downturn peaks and exceeding their long-term averages. Further increases in homeownership costs could have a more visibly adverse effect on housing demand.

Atlantic Canada: The East Coast housing market was not immune to the significant downturn in activity that swept across the country since spring with housing resales falling back across the region to the lows reached during late-2008 and early-2009. Cooling demand loosened up market conditions, restraining home price increases and limiting the rise in affordability measures which remain very close to long- term averages. Overall, housing affordability in Atlantic Canada remains attractive and signals little undue stress at this point.

The full RBC Housing Affordability report: www.rbc.com/economics/market/pdf/house.pdf.

Mortgage Carrying Costs by City


Our standard RBC Housing Affordability Measure captures the proportion of median pre-tax household income required to service the cost of a mortgage on an existing housing unit at going market prices, including principal and interest, property taxes and utilities; the modified measure used here includes the cost of servicing a mortgage, but excludes property taxes and utilities due to data constraints in the smaller CMAs. This measure is based on a 25% down payment and a 25-year mortgage loan at a five-year fixed rate and is estimated on a quarterly basis. The higher the measure, the more difficult it is to afford a house.

http://www.wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/RBC%20Housing%20Trends%20%26%20Affordability%20-%20September%202010.jpg

[UrbanWaterloo]

September Housing Starts
OTTAWA | October 8, 2010 | http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-10-08-0815.cfm

The seasonally adjusted annual rate of housing starts was 186,400 units in September, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 189,300 units in August.

“Housing starts moved lower in September due to a decrease in urban single starts in Atlantic Canada and Ontario,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Multiple starts were unchanged.”

The seasonally adjusted annual rate of urban starts decreased by 3.3 per cent to 163,200 units in September. Urban multiple starts were unchanged in September at 99,600 units, while single urban starts moved lower by 8.1 per cent to 63,600 units.

September’s seasonally adjusted annual rate of urban starts decreased by 23.7 per cent in Atlantic Canada and by 10.9 per cent in Ontario. Urban starts increased by 6.4 per cent in British Columbia, by 3.9 per cent in Quebec and by 0.6 per cent in the Prairie Region.

Rural starts were estimated at a seasonally adjusted annual rate of 23,200 units in September.

As Canada's national housing agency, CMHC draws on more than 60 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.

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/images/hs_sept10.jpg

*Seasonally adjusted annual rates | **Urban centres with a population of 10,000 and over.
<table border="1" cellpadding="3" cellspacing="0" width="450"> <tbody> <tr> <td colspan="5" align="center" valign="top"><strong>Housing Starts, Actual and SAAR*</strong> </td> </tr> <tr> <td rowspan="2" valign="top">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td> <td colspan="2" align="center" valign="top">Actual</td> <td colspan="2" align="center" valign="top">SAAR</td> </tr> <tr> <td align="center" valign="top">September<br> 2009</td> <td align="center" valign="top">September<br> 2010</td> <td align="center" valign="top">August<br> 2010</td> <td align="center" valign="top">September<br> 2010</td> </tr> <tr> <td valign="top">&nbsp;</td> <td align="center" valign="top">Revised</td> <td align="center" valign="top">Preliminary</td> <td align="center" valign="top">Revised</td> <td align="center" valign="top">Preliminary</td> </tr> <tr> <td valign="top"><strong>Canada</strong><strong>, all areas</strong> </td> <td align="right" valign="top">15,302</td> <td align="right" valign="top">16,929</td> <td align="right" valign="top">189,300</td> <td align="right" valign="top">186,400</td> </tr> <tr> <td valign="top">Canada, rural areas</td> <td align="right" valign="top">2,109</td> <td align="right" valign="top">2,528</td> <td align="right" valign="top">20,500</td> <td align="right" valign="top">23,200</td> </tr> <tr> <td valign="top">Canada, urban centres**</td> <td align="right" valign="top">13,193</td> <td align="right" valign="top">14,401</td> <td align="right" valign="top">168,800</td> <td align="right" valign="top">163,200</td> </tr> <tr> <td valign="top">Canada, singles, urban centres</td> <td align="right" valign="top">6,770</td> <td align="right" valign="top">5,963</td> <td align="right" valign="top">69,200</td> <td align="right" valign="top">63,600</td> </tr> <tr> <td valign="top">Canada, multiples, urban centres</td> <td align="right" valign="top">6,423</td> <td align="right" valign="top">8,438</td> <td align="right" valign="top">99,600</td> <td align="right" valign="top">99,600</td> </tr> <tr> <td valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> </tr> <tr> <td valign="top">Atlantic region, urban centres</td> <td align="right" valign="top">969</td> <td align="right" valign="top">720</td> <td align="right" valign="top">9,700</td> <td align="right" valign="top">7,400</td> </tr> <tr> <td valign="top">Quebec, urban centres</td> <td align="right" valign="top">3,305</td> <td align="right" valign="top">3,623</td> <td align="right" valign="top">40,800</td> <td align="right" valign="top">42,400</td> </tr> <tr> <td valign="top">Ontario, urban centres</td> <td align="right" valign="top">4,831</td> <td align="right" valign="top">4,885</td> <td align="right" valign="top">61,200</td> <td align="right" valign="top">54,500</td> </tr> <tr> <td valign="top">Prairie region, urban centres</td> <td align="right" valign="top">2,620</td> <td align="right" valign="top">2,868</td> <td align="right" valign="top">32,200</td> <td align="right" valign="top">32,400</td> </tr> <tr> <td valign="top">British Columbia, urban centres</td> <td align="right" valign="top">1,468</td> <td align="right" valign="top">2,305</td> <td align="right" valign="top">24,900</td> <td align="right" valign="top">26,500</td> </tr> </tbody> </table>

September Housing Starts Lower in Kitchener
Toronto | October 8, 2010 | http://www.marketwire.com/press-release/September-Housing-Starts-Lower-in-Kitchener-1332060.htm

Canada Mortgage and Housing Corporation (CMHC) released September preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 145 homes, down from the 160 units started in the same month last year.

http://media3.marketwire.com/docs/kitchener.jpg

Foundations were laid for 88 detached homes in September, up from the 81 units started in September 2009. Although semi-detached starts were higher, lower townhome starts, as well as the absence of apartment starts, contributed to the lower housing starts in September. Only the City of Kitchener and the Township of Woolwich had higher starts. In the first three quarters of 2010, construction began on 2,191 homes, up 47 per cent from the 1,487 units started in the same period of 2009.
"The flurry of construction activity that occurred in the first half of 2010 has waned in the last two months, but total starts for 2010 will exceed the level recorded in 2009," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "With an improving local economy and increased migration, there will be demand for new homes," added McLerie.

For housing forecasts that will inform your business strategy in 2011, attend your local housing market outlook session this November. Visit www.cmhc.ca/conferenceregistration for complete details.

HOUSING STARTS - KITCHENER CMA
YEAR-OVER-YEAR COMPARISON - MONTH OF SEPTEMBER AND YEAR-TO-DATE
<div class="scroll_table"><table style="width: 1050px;" cellspacing="0" cellpadding="0" width="100%"><tbody> <tr valign="bottom"> <td style="vertical-align: bottom; width: 29%; border-bottom: black 1px solid; text-align: right;" colspan="2">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Single</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Semi</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>TH</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Apt</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Total</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>% Chg</strong></td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td> <td style="vertical-align: bottom; width: 30%; border-bottom: black 1px solid; text-align: right;" colspan="2">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Single</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Semi</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>TH</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Apt</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>Total</strong></td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;"><strong>% Chg</strong></td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td> </tr> <tr valign="bottom"> <td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Cambridge City</strong></td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Cambridge City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td> <td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">26</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">26</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-50.9</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">199</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">54</td><td style="vertical-align: bottom; width: 5%; text-align: right;">65</td><td style="vertical-align: bottom; width: 5%; text-align: right;">320</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-39.5</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2009</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">22</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">30</td><td style="vertical-align: bottom; width: 5%; text-align: right;">1</td><td style="vertical-align: bottom; width: 5%; text-align: right;">53</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">256</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">155</td><td style="vertical-align: bottom; width: 5%; text-align: right;">116</td><td style="vertical-align: bottom; width: 5%; text-align: right;">529</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Kitchener City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Kitchener City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">42</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">31</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">81</td><td style="vertical-align: bottom; width: 5%; text-align: right;">24.6</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">491</td><td style="vertical-align: bottom; width: 5%; text-align: right;">88</td><td style="vertical-align: bottom; width: 5%; text-align: right;">264</td><td style="vertical-align: bottom; width: 5%; text-align: right;">203</td><td style="vertical-align: bottom; width: 5%; text-align: right;">1046</td><td style="vertical-align: bottom; width: 5%; text-align: right;">70.6</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">30</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">35</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">65</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">282</td><td style="vertical-align: bottom; width: 5%; text-align: right;">20</td><td style="vertical-align: bottom; width: 5%; text-align: right;">221</td><td style="vertical-align: bottom; width: 5%; text-align: right;">90</td><td style="vertical-align: bottom; width: 5%; text-align: right;">613</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Waterloo City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Waterloo City</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">6</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">4</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">10</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">-47.4</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">97</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">24</td><td style="vertical-align: bottom; width: 5%; text-align: right;">460</td><td style="vertical-align: bottom; width: 5%; text-align: right;">581</td><td style="vertical-align: bottom; width: 5%; text-align: right;">282.2</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">14</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">5</td><td style="vertical-align: bottom; width: 5%; text-align: right;">19</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">63</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">29</td><td style="vertical-align: bottom; width: 5%; text-align: right;">60</td><td style="vertical-align: bottom; width: 5%; text-align: right;">152</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 29%; text-align: left;" colspan="2"><strong>Woolwich Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 30%; text-align: left;" colspan="2"><strong>Woolwich Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td> <td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">13</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">14</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">27</td><td style="vertical-align: bottom; width: 5%; text-align: right;">22.7</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">166</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">41</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2</td><td style="vertical-align: bottom; width: 5%; text-align: right;">209</td><td style="vertical-align: bottom; width: 5%; text-align: right;">16.8</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">14</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">22</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">141</td><td style="vertical-align: bottom; width: 5%; text-align: right;">22</td><td style="vertical-align: bottom; width: 5%; text-align: right;">16</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">179</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="vertical-align: bottom; width: 37%; text-align: left;" colspan="3"><strong>North Dumfries Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 38%; text-align: left;" colspan="3"><strong>North Dumfries Twp.</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">1</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">1</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0.0</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">35</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">35</td><td style="vertical-align: bottom; width: 5%; text-align: right;">150.0</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr> <tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2009</td><td style="vertical-align: bottom; width: 5%; text-align: right;">1</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">1</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; text-align: right;">14</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td> <td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">14</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr> <tr valign="bottom"><td style="vertical-align: bottom; width: 37%; text-align: left;" colspan="3"><strong>KITCHENER CMA</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td><td style="vertical-align: bottom; width: 38%; text-align: left;" colspan="3"><strong>KITCHENER CMA</strong></td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 5%; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; text-align: left;">&nbsp;</td></tr><tr valign="bottom"><td style="width: 3%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">September 2010</td><td style="vertical-align: bottom; width: 5%; text-align: right;">88</td><td style="vertical-align: bottom; width: 5%; text-align: right;">8</td><td style="vertical-align: bottom; width: 5%; text-align: right;">49</td><td style="vertical-align: bottom; width: 5%; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; text-align: right;">145</td><td style="vertical-align: bottom; width: 5%; text-align: right;">-9.4</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td><td style="width: 1%;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; text-align: left;">YTD '10</td><td style="vertical-align: bottom; width: 5%; text-align: right;">988</td><td style="vertical-align: bottom; width: 5%; text-align: right;">90</td><td style="vertical-align: bottom; width: 5%; text-align: right;">383</td><td style="vertical-align: bottom; width: 5%; text-align: right;">730</td><td style="vertical-align: bottom; width: 5%; text-align: right;">2191</td><td style="vertical-align: bottom; width: 5%; text-align: right;">47.3</td><td style="vertical-align: bottom; width: 1%; text-align: left;">%</td></tr><tr valign="bottom"><td style="width: 3%; border-bottom: black 1px solid;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; border-bottom: black 1px solid; text-align: left;">September 2009</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">81</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">0</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">73</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">6</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">160</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td><td style="width: 1%; border-bottom: black 1px solid;">&nbsp;</td><td style="vertical-align: bottom; width: 17%; border-bottom: black 1px solid; text-align: left;">YTD '09</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">756</td> <td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">44</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">421</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">266</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">1487</td><td style="vertical-align: bottom; width: 5%; border-bottom: black 1px solid; text-align: right;">&nbsp;</td><td style="vertical-align: bottom; width: 1%; border-bottom: black 1px solid; text-align: left;">&nbsp;</td></tr></tbody></table></div>

[UrbanWaterloo]

RE/MAX Condominium Report 2010
November 1, 2010 | Full Report (http://www.remax-oa.com/MediaNewsroom/Lists/PressReleases/Attachments/62/REMAX_FallCondoReport2010_RPT.pdf)

CONDOMINIUM UNIT SALES YEAR-TO-DATE (JANUARY TO SEPTEMBER)
Market | 2010 | 2009 | % +/-
Ottawa | 2,799 | 2,501 | 11.9%
Thunder Bay | 48 | 50 | -4.0%
Collingwood* | 246 | 230 | 6.9%
Barrie | 236 | 234 | 0.8%
Hamilton – Burlington | 1,969 | 1,858 | 6.0%
Greater Toronto | 22,499 | 20,362 | 10.4%
Kitchener – Waterloo** | 811 | 752 | 7.8%
London | 1,246 | 1,205 | 3.4%
Halifax – Dartmouth | 562 | 579 | -2.9%
*Georgian Triangle **August Statistics | Source: CREA, Local Real Estate Boards, RE/MAX

KITCHENER-WATERLOO

Strong sales, steady demand and tight inventory levels characterized the condominium market in Kitchener-Waterloo in 2010. From January to August, 811 units changed hands, compared with 752 during the same period in 2009—representing an increase of close to eight per cent. The average condo price has also experienced an upswing of nearly 10 per cent year-to-date, outpacing the performance of the overall market, which reported a seven per cent increase for all residential product combined. The year-to-date (August) average price for condominiums is now at $201,732 versus $183,986 one year ago.

First-time buyers continue to be the driving force in the market, with entry-level units priced between $150,000 and $200,000 snapped up quickly. Condominiums located close to the university are most coveted. One new condominium development—within a five minute drive of the campus—sold out within a week. Single purchasers with good jobs in the technology and knowledge-based sectors are increasingly active in the market. These work-hard, play-hard individuals are fuelling demand for apartment-style, high-rise units in the heart of the city close to entertainment. Out-of-country purchasers have also been increasingly active in Kitchener-Waterloo, buying small to mid-sized units for their kids attending school or in town on work visas.

In fact, purchasing a starter unit, priced close to $200,000, results in monthly carrying costs that are comparable to monthly rental rates. As such, there continues to be a steady stream of renters looking to condominiums to make their move into homeownership, and vacancy rates are increasing in the area as a result. Uptown Waterloo is particularly sought-after by move-up purchasers—many of whom are empty-nesters, retirees and snowbirds. Most are seeking out suites priced between $250,000 and $400,000. Two 25-storey condo towers at the corner of Westmount Rd. and Erb St., expected to come on stream in 2012, have been particularly well-received.

Upper end townhomes, priced between $500,000 and $600,000, are also in high demand, but limited supply. The upper end has maintained a steady pace year-over-year, with sales over $500,000 on par with year ago levels, but still only accounting for a handful of sales.

Kitchener has several promising projects planned or underway with the redevelopment of the city’s core, including a similar project to the towers in Uptown Waterloo and the conversion of the former Arrow Shirt Manufacturing Plant. Given limited availability of building land, the city’s master plan calls for further intensification. As such, condos are expected to account for a growing share of new construction and an increasing percentage of residential sales.

Condominium sales currently represent close to 18 per cent of sales in Kitchener-Waterloo. In the short term, slower economic growth may serve to slow sales in the final quarter of 2010 and into 2011. Yet, tight inventory levels will continue to be a factor influencing the market over the next six to 12 months, with a firm seller’s market in place. As a result, prices will continue to climb. The condominium segment should begin its transition to more balanced territory next year, as an influx of new listings comes on-stream. The long-range outlook for condominiums is quite positive in Kitchener-Waterloo, given attractive affordability levels and the focus on higher-density housing.

[UrbanWaterloo]

Two 25-storey condo towers at the corner of Westmount Rd. and Erb St., expected to come on stream in 2012

Did they really mean to write Father David Bauer Drive and Erb Street (BarrelYards)? If not, which project are they referring to? The only spot I can think of would be a redevelopment of the Westmount Plaza parking lot by Michaels, but we haven't heard anything about that.

[Spokes]

Did they really mean to write Father David Bauer Drive and Erb Street (BarrelYards)? If not, which project are they referring to? The only spot I can think of would be a redevelopment of the Westmount Plaza parking lot by Michaels, but we haven't heard anything about that.

I have a feeling they mean BarrelYards given that there are Two 25-storey condo towers going up there. And realistically, if that were happening at Westmount and Erb, we'd probably already know about it ;)

I'd really like to see our numbers jump for 2011. We should easilly be 4th, and maybe close to Hamilton for 3rd.

[UrbanWaterloo]

City launches green housing incentive program
November 22, 2010 | http://www.kitchener.ca/en/newslist/index.aspx?newsId=5lRa8zyhEpQfZesDXttUdgeQuAleQuAl

The City of Kitchener, in partnership with Community Renewable Energy Waterloo (CREW), will officially launch the Kitchener Green Housing Incentive Program (KGHIP) this Thursday, Nov. 25, at the Ontario Green Home, 34 Helena Feasby St., in Kitchener. The event will run from 9 to 11 a.m.

The City of Kitchener is taking a proactive lead in reducing energy and water demands, as well as greenhouse-gas emissions by implementing the new program, which supports local builders who build LEED certified homes.

LEED certification recognizes leadership in high-quality green homebuilding. A rapidly growing number of organizations are adopting LEED certification. Some of the benefits include:

Builders gain recognition for green building efforts;
Increase durability and reduce call-backs
Qualify for the KGHIP
Join the growing green building movement

The program launch will include guided tours of Kitchener’s first Leadership in Energy and Environmental Design (LEED) platinum-certified home, led by local experts in the green-building industry.

“Every green home built by a homebuilder is eligible for incremental grants to offset direct building impacts on energy, water and waste for new home construction,” said Craig Waller, the city’s manager of building. “People who buy green homes will benefit from long-term cost savings through reduced energy and water bills, not to mention the health benefits from improved indoor air quality, because of the green technology used to build their homes”

Funding for the Kitchener Green Housing Incentive Program - $500,000 between 2010 and 2012 – was approved by city council as part of a Local Environmental Action Fund (LEAF) application made by CREW, in conjunction with the city’s building division.

[.FLH.]

Did they really mean to write Father David Bauer Drive and Erb Street (BarrelYards)? If not, which project are they referring to? The only spot I can think of would be a redevelopment of the Westmount Plaza parking lot by Michaels, but we haven't heard anything about that.

They are building a condo at the corner of Erb and Westmount beside the Mosque. It is one tower and I think it is like 12 floors.

http://www.wonderfulwaterloo.com/showthread.php/230-Westmount-Grand-Condos-36-m-12-fl-60-Sold

[Spokes]

They are building a condo at the corner of Erb and Westmount beside the Mosque. It is one tower and I think it is like 12 floors.

http://www.wonderfulwaterloo.com/showthread.php/230-Westmount-Grand-Condos-36-m-12-fl-60-Sold

Ya but given that his comment was in regards to the report saying "two twenty five storey condo towers" speculation of Erb and FDB would be the correct assumption.

[Shawn]

NOVEMBER SALES SHOW BALANCED MARKET IN KITCHENER-WATERLOO
http://www.kwreb.on.ca/november-sales-show-balanced-market-in-kitchener-waterloo/

Kitchener - Waterloo Real Estate Board (http://www.kwreb.on.ca/)
Press Release

KITCHENER-WATERLOO, ON (December 3, 2010) –Home sales moved comfortably in November, with a total of 484 homes reported sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB). This is within the traditional range for November sales over the past five years.

The condominium property class had a notable increase in November, as the only residential property type to see an increase in the number of units sold compared to last year. There were 122 condominium units sold last month, an increase of 22 percent over November 2009.

The most popular price range in November was for home selling between $200,000 and $225,000, whereas over the last two years, the greatest number of homes has sold in the $225,000 to $250,000 price range.

“Consumers favoured more modestly priced homes in November, however on a year-to-date basis, it is amazing how the higher priced properties are driving much of the local real estate market,” says George Patton, President of the KWREB.

The strength of this residential market has resulted in a record breaking dollar volume of sales through the KWREB’s MLS® System, with year-to-date results for 2010 currently showing a total of $1,753,664,113, a 9.6 percent increase over the same period last year, and easily surpassing the previous record posted in 2007 of $1,619,377,742.

“In terms of total dollar volume, 2010 is poised to go down in history as our best year ever,” notes Patton.

These numbers represent more than just what’s happening in the residential market adds the president, citing a study by Altus Group published in 2009 which found the typical MLS® home sale and purchase between 2006 and 2008 produced $46,400 in spin-off spending, including renovation and the purchase of furniture.

The average price of all residential properties sold through the MLS® System of the KWREB last month was $282,629, a 0.4 percent decrease compared to November 2009. Detached homes sold for an average price of $322,839 last month, a 0.6 percent decrease relative to one year ago.

Condominiums sold for an average of $209,094 in November, a 5.5 percent increase compared to the same month last year.

[benjaminbach]

CTV will be covering the housing market tonight at 6pm.
They spoke to me about the drop in housing starts, year over year, and if I thought it was an omen or a fluke.

Also, new CMHC rental market statistics for the Kitchener CMA (includes Waterloo, Guelph, Cambridge, Woolwich & North Dumfries) can be found on my site at this link: Waterloo Region’s Tightest Rental Market is… (http://www.benjaminbach.com/real-estate-investment/waterloo-regions-tightest-rental-market-is-in-kitchener/)

[Spokes]

Top 8 Reasons You Should Invest in Waterloo Region Real Estate
December 22, 2010 | by Benjamin Bach

KW has been named the top real estate investment destination in Ontario by the Real Estate Investment Network for a couple years in a row, and this year the trend continues.

Why are real estate investors focused on our city? Here are the top 8 reasons people are investing in Waterloo Region real estate now:

1. Top Area to Invest – The Real Estate Investment Network named Kitchener Waterloo & Cambridge (“the Technology Triangle”) the #1 city to invest in Ontario and #2 in Canada, behind Calgary.

2. Low Interest Rates - Currently we have very low interest rates – although there is a slight upward trend right now – which makes NOW a great time to invest. Rates will be going up in the future. It’s a matter of how soon, and how much. Smart real estate investors are taking advantage of historically affordable cost of borrowing money.

3. Great prices – Investors love Waterloo Region because it has a booming economy without big city property prices. Our clients invest in condos ranging from $120,000 on up, and there are opportunities to buy multi-family housing with cap rates of 7%, leaving room for healthy cash flow with today’s low interest rates.

You can buy good quality new construction rental units here, for much less than you’d pay for an older condo in Toronto. (That’s what our clients from Toronto happily do, over and over again).

4. Growth – Waterloo Region is growing at a rapid rate. If you haven’t been here in a few years, just drive down King St! There are multiple mega million dollar developments that are underway or have been completed recently – The Bauer Lofts, The Barrel Yards, the Arrow Lofts, Kaufman Lofts, the new McMaster medical school and University of Waterloo Pharmacy school, the new King St streetscape in downtown, the new Uptown Waterloo, the Kitchener Market, Market lofts; and LOTS of development in the university areas as well.

Also, the University of Waterloo has recently announced plans to double it’s footprint over the next 40 years.

5. Stable, Diverse Economy – Kitchener Waterloo is a market supported by strong fundamentals – world class high tech companies, universities and NGOs; a strong manufacturing sector; proximity to Toronto and the United States; an international airport; continued job growth etc.

In the July 2010 figures released by Stats Canada, the jobless rate of the KW area fell, while national unemployment rose.

6. Access to Property Management – All of our clients have access to world class property management for a very reasonable rate.

7. Great Business Community – Major companies and organizations call the Technology Triangle home including RIM (makers of the BlackBerry), Toyota, OpenText, Manulife, Sunlife, the Perimeter Institute, the Centre for International Governance Innovation, and a host of world class local companies.

8. Awesome, Smart People - Kitchener Waterloo is the MOST INTELLIGENT COMMUNITY IN THE WORLD. Take that Toronto

You can read more from Benjamin Bach here. (http://www.benjaminbach.com/)

Benjamin Bach is a Sales Rep. & Director at KW Commercial Realty, a division of Keller Williams GTR. Not intended to solicit clients or properties under contract for real estate services.

[benjaminbach]

Top 9 Reasons You Should Invest in Kitchener Waterloo Real Estate, or Why REIN loves KW

http://www.youtube.com/watch?v=1EMtr6p6wmE

[Spokes]

2010 sees second highest number of home sales in Waterloo Region
January 7, 2011 | Dave Berman, Wonderful Waterloo Staff

2010 could only be outdone by 2007.

According to the Kitchener-Waterloo Real Estate Board (KWREB), last year marked the second highest total annual sales in the association’s history. 6,388 homes were sold by real estate agents on the multiple listing service. That total was only second to the total reached in 2007.

The dollar volume of all residential real estate sold last year jumped 9.3 percent to $1.8 billion compared with 2009. This showed continued confidence in the local real estate market.

In March and April the sale of residential properties were setting monthly records. Things cooled off in the second half of the year though.

A number of factors played a role in the high number of sales in the first half of the year and cooler second half. “The federal government announced tighter mortgage rules," said George Patton, President of the KWREB "buyers were rushing to beat the introduction of the HST, and the central bank was forecasting higher interest rates.”

December capped the year off on a strong note recording 326 home sales, down 4.1 percent compared to December 2009, but still well above the previous 10 year average of 225.

The average sale price of detached homes was $329,797 last year, an increase of 9.3 percent, whereas the average sale price of all residential real estate sold for $289,338, an increase of 8.6 percent.

The condominium market was also very active in 2010 with a total of 1,221 sales, an increase of 8.6 percent relative to year-end results in 2009. Condominiums represented 20 percent of the overall residential market share in terms of unit sales by type.

2011 is expected to be equally impressive with Patton predicting a slow start followed by a very busy March, April and May.

[UrbanWaterloo]

Kitchener Housing Starts Higher in 2010
Jan 11, 2011 | Link (http://www.marketwire.com/press-release/Kitchener-Housing-Starts-Higher-in-2010-1378405.htm)

TORONTO, ONTARIO - Canada Mortgage and Housing Corporation (CMHC) released December preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 195 homes, virtually unchanged from the 194 units started in the same month of 2009. Builders laid foundations for 77 single-detached homes in December, down from the 121 units started in December 2009. While semi-detached starts were also lower, townhome and apartment starts were higher.

"Housing Starts Highest in Five Years": PDF (http://media3.marketwire.com/docs/kitchner_figure1.pdf)

http://www.wonderfulwaterloo.com/wdrive/Economy/Kitchener-Cambridge-Waterloo%20CMA%20Housing%20Starts%20Highest%20In%2 0Five%20Years%202010.jpg

Construction began on 2,815 homes in 2010, up more than 20 per cent from the 2,298 units started in 2009. Starts were higher for all housing types, except townhomes. Single-detached starts increased to 1,255 units in 2010, up from the 1,161 homes started in 2009. All municipalities, except Cambridge, recorded higher starts in 2010.

"After a strong start to 2010 as people bought early to avoid the HST and anticipated mortgage rate increases, new home starts trended lower for the latter part of the year. But overall, housing starts in 2010 were the highest since 2005. Low mortgage rates and stronger demand for apartments explain the increase in starts," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "Demand for new homes will pick up gradually throughout 2011 from the low level at the end of 2010," added McLerie.
<center><pre><br><br>HOUSING STARTS - KITCHENER-CAMBRIDGE-WATERLOO CMA <br>YEAR-OVER-YEAR COMPARISON-MONTH OF DECEMBER AND YEAR-TO-DATE<br>---------------------------------------------------------------<br> Single Semi TH Apt Total % Chg<br>---------------------------------------------------------------<br>---------------------------------------------------------------<br>Cambridge City <br> Dec 2010 27 0 18 0 45 -4.3%<br> Dec 2009 35 0 12 0 47 <br>Kitchener City <br> Dec 2010 35 0 25 54 114 4.6%<br> Dec 2009 50 8 35 16 109 <br>Waterloo City <br> Dec 2010 4 0 0 9 13 8.3%<br> Dec 2009 12 0 0 0 12 <br>Woolwich Twp. <br> Dec 2010 10 0 12 0 22 -4.3%<br> Dec 2009 21 2 0 0 23 <br>North Dumfries Twp. <br> Dec 2010 1 0 0 0 1 -66.7%<br> Dec 2009 3 0 0 0 3 <br>KITCHENER CMA(2) <br> Dec 2010 77 0 55 63 195 0.5%<br> Dec 2009 121 10 47 16 194 <br>---------------------------------------------------------------<br>---------------------------------------------------------------<br><br>---------------------------------------------------------------<br> Single Semi TH Apt Total % Chg<br>--------------------------------------------------------------<br>--------------------------------------------------------------<br>Cambridge City <br> YTD '10 267 2 84 198 551 -34.4%<br> YTD '09 410 2 207 221 840 <br>Kitchener City <br> YTD '10 616 92 307 287 1302 50.9%<br> YTD '09 412 36 299 116 863 <br>Waterloo City <br> YTD '10 115 0 24 481 620 92.5%<br> YTD '09 106 0 43 173 322 <br>Woolwich Twp. <br> YTD '10 210 0 83 2 295 19.9%<br> YTD '09 206 24 16 0 246 <br>North Dumfries Twp. <br> YTD '10 47 0 0 0 47 74.1%<br> YTD '09 27 0 0 0 27 <br>KITCHENER CMA(2) <br> YTD '10 1255 94 498 968 2815 22.5%<br> YTD '09 1161 62 565 510 2298 <br>--------------------------------------------------------------<br>--------------------------------------------------------------<br> <br>Source: CMHC <br>(2)Kitchener-Cambridge-Waterloo CMA includes Kitchener, Waterloo, <br> Cambridge,Woolwich and North Dumfries <br></pre></center>

[Shawn]

The Long-Term Stability of Canada's Housing Market
Ottawa, January 17, 2011 | LINK (http://www.fin.gc.ca/n11/11-003-eng.asp)

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.

“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”

“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”

The new measures:


Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.

Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

[Osiris]

Good, I suppose.

Now we just need a percent or so bump in the interest rates, and I can start deal hunting for my first place.

[benjaminbach]

Good, I suppose.

Now we just need a percent or so bump in the interest rates, and I can start deal hunting for my first place.

You are waiting until rates increase to buy ?

[Osiris]

You are waiting until rates increase to buy ?

Absolutely. There's a reason these rules are getting put into place - too many people are overstretching themselves upgrading their living standards.

Combine that with the fact that house prices have been soaring for reasons other than actual gain in value for sometime now, and that should only compound the issue - as housing is priced far out of the average person's means.

I'll be waiting with a fist full of cash to start grabbing when the interest rates rise and people can't maintain it any further.

We're about 12-18 months away, from what I can tell - short of the Mayans being correct (or some other unforeseen major event)

[benjaminbach]

depends on the city, and the type of property you're talking about.

If you're looking for a luxury condo in downtown Toronto, I tend to agree with you. If you're looking for a bungalow in uptown waterloo, you're not likely to find bargains when rates move up a percent.

[Osiris]

depends on the city, and the type of property you're talking about.

If you're looking for a luxury condo in downtown Toronto, I tend to agree with you. If you're looking for a bungalow in uptown waterloo, you're not likely to find bargains when rates move up a percent.

I'm guessing you'd say this because single-family homes in Canada tend to purchase fixed-rate mortgages?

[panamaniac]

Absolutely. There's a reason these rules are getting put into place - too many people are overstretching themselves upgrading their living standards.

Combine that with the fact that house prices have been soaring for reasons other than actual gain in value for sometime now, and that should only compound the issue - as housing is priced far out of the average person's means.

I'll be waiting with a fist full of cash to start grabbing when the interest rates rise and people can't maintain it any further.

We're about 12-18 months away, from what I can tell - short of the Mayans being correct (or some other unforeseen major event)

You seem to be assuming that people not already holding a fixed rate mortgage won't move to lock in when rates start to go up. I am wondering about the impact, if any, on purchasers of new condos who may find their costs will have gone up as a result of the shorter amortization period.

[benjaminbach]

I'm guessing you'd say this because single-family homes in Canada tend to purchase fixed-rate mortgages?

No, I just think that a lot of homeowners in this area aren't as overextended as they are in other areas like downtown Toronto

[jay]

No, I just think that a lot of homeowners in this area aren't as overextended as they are in other areas like downtown Toronto

I agree. I don't see the interest rate rising a % will have much impact on home values in Waterloo Region.

[jay]

You seem to be assuming that people not already holding a fixed rate mortgage won't move to lock in when rates start to go up. I am wondering about the impact, if any, on purchasers of new condos who may find their costs will have gone up as a result of the shorter amortization period.

I doubt the condo people will care if they are buying pre-build. It will take 3-5 years for them to close anyways. Also a good percentage of condo buyers are investors.

[benjaminbach]

I doubt the condo people will care if they are buying pre-build. It will take 3-5 years for them to close anyways. Also a good percentage of condo buyers are investors.

Just a thought... but people closing 3-5 years from now, especially investors, should really care about interest rate increases.

[Spokes]

Housing market holds steady in January
February , 2011 | John Thompson, Wonderful Waterloo

Residential property sales are right where experts are expecting.

There were 359 residential properties sold in January, that’s a 9.5 percent increase compared to December 2010 according to the Kitchener-Waterloo Real Estate Board (KWREB).

Experts said would be very difficult to match the record numbers established in January 2010. They were right as there was a 10.3 percent decrease relative to the same month a year ago.

“After posting record numbers in January of last year, we find January 2011 returning to more normal levels, “said George Patton, President of the KWREB.

January’s residential sales included 242 detached homes, 61 condominium units, 27 semis, and 26 freehold townhouses.

It was the end of the month that made January a success. “As usual, the first three weeks of January were fairly slow with much more activity in the final week of the month” said Patton.

The average price of all residential properties sold in January was $279,037, a 3.9 per cent decrease from January 2010.

Detached homes sold for an average price of $313,110 in January, a 3.4 percent decrease from one year ago. The average sale price for a condominium unit was $189,402 last month, a 3.1 percent decrease compared to last year.

[panamaniac]

...............

The average price of all residential properties sold in January was $279,037, a 3.9 per cent decrease from January 2010.

Detached homes sold for an average price of $313,110 in January, a 3.4 percent decrease from one year ago. The average sale price for a condominium unit was $189,402 last month, a 3.1 percent decrease compared to last year.

I think it might be wiser to focus on this part of the article and skip over the professional optimism that precedes this info. :RpS_rolleyes:

[Spokes]

I think it might be wiser to focus on this part of the article and skip over the professional optimism that precedes this info. :RpS_rolleyes:

Don't forget though, it was going to be just about impossible to match what happened last December.

Now if it were that much of a difference from December 2010 to now that'd be a concern.

[panamaniac]

Don't forget though, it was going to be just about impossible to match what happened last December.

Now if it were that much of a difference from December 2010 to now that'd be a concern.

I can see that you are a "glass half full" kind of guy, Spokes. :RpS_thumbup: I, on the other hand, suspect that the year over year decline in housing prices seen in the past year will be repeated in both 2011 and 2012.

[Spokes]

I can see that you are a "glass half full" kind of guy, Spokes. :RpS_thumbup: I, on the other hand, suspect that the year over year decline in housing prices seen in the past year will be repeated in both 2011 and 2012.

Ya I think a lot of the time I am hah.

I think this year is going to be really important to watch in terms of how successful the housing market will be.

[Ktown4ever]

I can see that you are a "glass half full" kind of guy, Spokes. :RpS_thumbup: I, on the other hand, suspect that the year over year decline in housing prices seen in the past year will be repeated in both 2011 and 2012.

What do you mean the decline in the past year will be repeated? This was one month (January) comapred to one month (January) a year ago. Year over year, housing prices increased in 2010 over 2009 by 8.6 percent.

http://www.kwreb.on.ca/2010-marks-second-highest-year-for-sales-in-k-w-and-area/

[panamaniac]

I've re-read the kwreb piece and, as much as I would like to blame the author, I must admit my face is red - I misunderstood it. I will stay pessimistic about prospects for this year and next, but then I am a born pessimist.

[UrbanWaterloo]

SOLID HOME SALES ACTIVITY IN FEBRUARY
March 3, 2011 | KW Real Estate Board | PDF (http://www.kwreb.on.ca/Stats/February_2011_Media_Release.pdf)

KITCHENER-WATERLOO, ON – Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued their steady pace in February.

There were a total of 491 residential properties sold last month, a 32.7 percent increased compared to January’s results, and a 6.7 percent decrease compared to February of last year.

“These are above average numbers for February”, says KWAR President George Patton. “Keeping in mind that this time last year we had an unusually active February, setting a record for home sales in that month.”

Residential home sales last month included 308 detached homes (down 11.3 percent from 2010), 104 condominium units (up 19.5 percent from 2010), 46 semis (down 4.2 percent from 2010), and 31 freehold townhouses (down 26.2 percent from 2010).

While the most popular price range selling in February of last year was in the $300,000 to $350,000 category with 76 sales, there were almost the same number of homes (72 units) selling in the $250,000 to $275,000 price range last month.

“Vigorous activity for condos and homes in the mid price ranges was reflected in the slight decrease in the average overall residential sale price,” says Patton.

The average sales price of all residential sales decreased 0.8 percent to $288,404 compared with February 2010. While single detached homes sold for an average price of $331,027, an increase of 1.1 percent compared to last year. In the condominium market the average sale price in February decreased 2.4 percent to $196,213 compared to the same month a year ago.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

Those requiring specific information on property values should contact a REALTOR®.


Residential Sale Price and Total Units Sold in February Over the last 10 years

| K-W Only{br}Units Sold | All Area{br}Units Sold | K-W Only{br}Average Price | K-W Only{br}Median Price | All Area{br}Average Price | All Area{br}Median Price
2002 | 392 | 452 | $171,046 | $157,450 | $170,977 | $155,500
2003 | 361 | 426 | $185,353 | $170,900 | $187,060 | $170,000
2004 | 369 | 427 | $200,226 | $186,000 | $202,552 | $186,000
2005 | 395 | 476 | $205,007 | $185,000 | $207,612 | $189,450
2006 | 397 | 481 | $228,905 | $213,000 | $233,940 | $215,000
2007 | 429 | 507 | $231,312 | $214,000 | $235,910 | $217,000
2008 | 405 | 491 | $256,369 | $239,000 | $261,578 | $242,000
2009 | 288 | 359 | $251,296 | $238,000 | $253,068 | $238,000
2010 | 385 | 526 | $281,422 | $255,000 | $290,621 | $258,000
2011 | 372 | 491 | $283,306 | $263,850 | $288,404 | $266,900

[UrbanWaterloo]

National: April 2011 Housing Starts
May 9, 2011 | CMHC | Link (http://www.cmhc.ca/en/corp/nero/nere/2011/2011-05-09-0815.cfm)

The seasonally adjusted annual rate1 of housing starts was 179,000 units in April, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 184,700 units in March 2011.

“Housing starts moved lower in April mostly because of decreases in multiple construction across the country and in rural starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The multiple segment market in Ontario and Quebec contributed the most to the overall decline in Canada.”

The seasonally adjusted annual rate of urban starts decreased by 1.9 per cent to 160,100 units in April. Urban multiple starts were down by 5.1 per cent in April to 96,000 units, while single urban starts increased by 3.4 per cent to 64,100 units.

April’s seasonally adjusted annual rate of urban starts decreased by 9.4 per cent in Quebec and by 8.0 per cent in Ontario. Urban starts increased by 5.3 per cent in the Prairie region, by 10.4 per cent in the Atlantic region and by 23.5 per cent in British Columbia.

Rural starts were estimated at a seasonally adjusted annual rate of 18,900 units in April.

As Canada's national housing agency, CMHC draws on more than 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.

http://www.cmhc.ca/en/corp/nero/nere/2011/images/hs_apr11.jpg



Local: Kitchener-Cambridge-Waterloo CMA April 2011 Housing Starts Lower
May 9, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/april-housing-starts-lower-in-kitchener-1511607.htm)

Canada Mortgage and Housing Corporation (CMHC) released April preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 174 homes, down from the 390 units started in the same month last year.

Builders poured foundations for 130 single-detached homes in April, down slightly from the 142 units started in April 2010. While semi-detached home starts remained unchanged, townhome starts declined to 22 units from 34 units last April. Apartment construction weakened significantly, dropping to only 14 units from the 206 units started a year ago. Starts were higher in Cambridge and Woolwich only. For the first four months of 2011, housing starts declined to 649 units, from the 964 units started in the same period of 2010. All housing types contributed to the decline.

"While demand for single-detached homes has remained strong, starts for the other types of housing have fallen significantly this year. With more than 1,200 townhome and apartment units currently under construction, builders are finishing some of these projects before starting new ones," said Erica McLerie, Senior Market Analyst for the Kitchener CMA. "Lower sales in the last half of 2010 have translated into the lower starts in 2011," added McLerie.

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.


Housing Starts: Kitchener-Cambridge-Waterloo CMA
Year-Over-Year Comparison - Month of April & Year-To-Date

| Single | Semi | TH | Apt | Total | % Chg | | Single | Semi | TH | Apt | Total | % Chg

Cambridge City
April 2011 | 22 | 2 | 10 | 0 | 34 | 3.0% | YTD '11 | 120 | 2 | 14 | 0 | 136 | 76.6%
April 2010 | 28 | 0 | 5 | 0 | 33 | | YTD '10 | 66 | 2 | 5 | 4 | 77

Kitchener City
April 2011 | 62 | 6 | 3 | 0 | 71 | -44.1% | YTD '11 | 168 | 14 | 50 | 86 | 318 | -26.7%
April 2010 | 76 | 8 | 22 | 21 | 127 | | YTD '10 | 230 | 48 | 85 | 71 | 434

Waterloo City
April 2011 | 12 | 0 | 9 | 14 | 35 | -82.1% | YTD '11 | 24 | 0 | 15 | 67 | 106 | -70.2%
April 2010 | 11 | 0 | 0 | 185 | 196 | | YTD '10 | 41 | 0 | 0 | 315 | 356

Woolwich Twp.
April 2011 | 29 | 0 | 0 | 0 | 29 | 20.8% | YTD '11 | 79 | 0 | 0 | 0 | 79 | -6.0%
April 2010 | 17 | 0 | 7 | 0 | 24 | | YTD '10 | 65 | 0 | 19 | 0 | 84

North Dumfries Twp.
April 2011 | 5 | 0 | 0 | 0 | 5 | -50.0% | YTD '11 | 10 | 0 | 0 | 0 | 10 | -23.1%
April 2010 | 10 | 0 | 0 | 0 | 10 | | YTD '10 | 13 | 0 | 0 | 0 | 13

Total CMA
April 2011 | 130 | 8 | 22 | 14 | 174 | -55.4% | YTD '11 | 401 | 16 | 79 | 153 | 649 | -32.7%
April 2010 | 142 | 8 | 34 | 206 | 390 | | YTD '10 | 415 | 50 | 109 | 390 | 964

[UrbanWaterloo]

National: June 2011 Housing Starts
July 11, 2011 | CMHC | Link (http://cmhc.ca/en/corp/nero/nere/2011/2011-07-11-0815.cfm)

The seasonally adjusted annual rate of housing starts was 197,400 units in June, according to Canada Mortgage and Housing Corporation (CMHC). This is up from a revised 194,100 units in May 2011. April 2011 has also been revised to 194,100 units.

“Housing starts increased in June due to an increase in single and multiple starts in Ontario,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term.”

The seasonally adjusted annual rate of urban starts increased by 2.2 per cent to 174,600 units in June. Urban single starts were up by 11.1 per cent in June to 70,900 units, while multiple urban starts decreased by 3.1 per cent to 103,700 units.

June’s seasonally adjusted annual rate of urban starts increased by 24.1 per cent in Ontario, and by 5.6 per cent in the Atlantic region. British Columbia posted a decrease of 27.6 per cent over the same period, while urban starts decreased 3.6 per cent in Québec, and by 1.2 per cent in the Prairie region.

Rural starts were estimated at a seasonally adjusted annual rate of 22,800 units in June.

465

<table border="1" cellpadding="3" cellspacing="0" width="450"> <tbody> <tr> <td colspan="5" align="center" valign="top"><strong>Housing Starts, Actual and SAAR*</strong></td> </tr> <tr> <td rowspan="2" valign="top">&nbsp;</td> <td colspan="2" align="center" valign="top">Actual</td> <td colspan="2" align="center" valign="top">SAAR</td> </tr> <tr> <td align="center" valign="top">June<br> 2010</td> <td align="center" valign="top">June<br> 2011</td> <td align="center" valign="top">May<br> 2011</td> <td align="center" valign="top">June<br> 2011</td> </tr> <tr> <td valign="top">&nbsp;</td> <td align="center" valign="top">Revised</td> <td align="center" valign="top">Preliminary</td> <td align="center" valign="top">Revised</td> <td align="center" valign="top">Preliminary</td> </tr> <tr> <td valign="top"><strong>Canada</strong><strong>, all areas</strong> </td> <td align="right" valign="top">17,529</td> <td align="right" valign="top">18,232</td> <td align="right" valign="top">194,100</td> <td align="right" valign="top">197,400</td> </tr> <tr> <td valign="top">Canada, rural areas</td> <td align="right" valign="top">2,183</td> <td align="right" valign="top">2,250</td> <td align="right" valign="top">23,300</td> <td align="right" valign="top">22,800</td> </tr> <tr> <td valign="top">Canada, urban centres**</td> <td align="right" valign="top">15,346</td> <td align="right" valign="top">15,982</td> <td align="right" valign="top">170,800</td> <td align="right" valign="top">174,600</td> </tr> <tr> <td valign="top">Canada, singles, urban centres</td> <td align="right" valign="top">7,835</td> <td align="right" valign="top">7,287</td> <td align="right" valign="top">63,800</td> <td align="right" valign="top">70,900</td> </tr> <tr> <td valign="top">Canada, multiples, urban centres</td> <td align="right" valign="top">7,511</td> <td align="right" valign="top">8,695</td> <td align="right" valign="top">107,000</td> <td align="right" valign="top">103,700</td> </tr> <tr> <td valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> <td align="right" valign="top">&nbsp;</td> </tr> <tr> <td valign="top">Atlantic region, urban centres</td> <td align="right" valign="top">1,012</td> <td align="right" valign="top">1,051</td> <td align="right" valign="top">9,000</td> <td align="right" valign="top">9,500</td> </tr> <tr> <td valign="top">Québec, urban centres</td> <td align="right" valign="top">4,223</td> <td align="right" valign="top">3,816</td> <td align="right" valign="top">44,400</td> <td align="right" valign="top">42,800</td> </tr> <tr> <td valign="top">Ontario, urban centres</td> <td align="right" valign="top">4,957</td> <td align="right" valign="top">6,390</td> <td align="right" valign="top">55,600</td> <td align="right" valign="top">69,000</td> </tr> <tr> <td valign="top">Prairie region, urban centres</td> <td align="right" valign="top">3,058</td> <td align="right" valign="top">2,866</td> <td align="right" valign="top">32,500</td> <td align="right" valign="top">32,100</td> </tr> <tr> <td valign="top">British Columbia, urban centres</td> <td align="right" valign="top">2,096</td> <td align="right" valign="top">1,859</td> <td align="right" valign="top">29,300</td> <td align="right" valign="top">21,200</td> </tr> </tbody> </table>



Local: June Starts Highest For 2011 In Kitchener
July 11, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/june-starts-highest-for-2011-in-kitchener-1536373.htm)

Canada Mortgage and Housing Corporation (CMHC) released June preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area1(CMA) today. Although down from last year, starts in June were higher than they had been in any other month of 2011. Construction began on 293 homes, down from the 388 units started in the same month last year.

Builders poured foundations for 125 single-detached homes in June, down from the 135 units started in June 2010. Total starts declined for all other housing types as well compared to a year ago. Starts were higher in Cambridge, Waterloo and Woolwich Township. For the first half of 2011, housing starts declined to 1,132 units from the 1,566 units started in the same period of 2010. All housing types contributed to the decline.

"Employment growth continues to support housing demand," said Edgard Navarrete, Market Analyst at CMHC. "Apartment starts can be quite volatile from month to month as well as from year to year. The decline in apartment starts is the main reason overall starts are down this year," added Navarrete.

466

467

[UrbanWaterloo]

National: August 2011 Housing Starts
September 9, 2011 | CMHC | Link (http://cmhc.ca/en/corp/nero/nere/2011/2011-09-09-0815.cfm)

The seasonally adjusted annual rate of housing starts was 184,700 units in August, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 204,500 units in July 2011.

“Housing starts in August were in line with current demographic fundamentals and are consistent with CMHC’s recent Housing Market Outlook,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Housing starts decreased in all regions, except the Prairies with the decline being more pronounced in the multiples segment.”

The seasonally adjusted annual rate of urban starts decreased by 10.2 per cent to 165,800 units in August. Multiple urban starts were down by 15.5 per cent to 101,400 units, while urban single starts decreased by 0.3 per cent in August to 64,400 units.

August’s seasonally adjusted annual rate of urban starts decreased by 41.4 per cent in the Atlantic region, by 15.3 per cent in British Columbia, by 11.8 per cent in Ontario and by 8.8 per cent in Quebec, while urban starts increased by 9.4 per cent in the Prairie region over the same time period.

Rural starts were estimated at a seasonally adjusted annual rate of 18,900 units in August.

558

<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>August<br> 2010</th> <th>August<br> 2011</th> <th>July<br> 2011</th> <th>August<br> 2011</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5"><span class="small_text">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.<br> Detailed data available upon request.</span> </td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <td style="" align="center">Revised</td> <td style="" align="center">Preliminary</td> <td style="" align="center">Revised</td> <td style="" align="center">Preliminary</td> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">17,111</td> <td style="" class="NRnumericalData">16,464</td> <td style="" class="NRnumericalData">204,500</td> <td style="" class="NRnumericalData">184,700</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">2,256</td> <td style="" class="NRnumericalData">2,104</td> <td style="" class="NRnumericalData">19,900</td> <td style="" class="NRnumericalData">18,900</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">14,855</td> <td style="" class="NRnumericalData">14,360</td> <td style="" class="NRnumericalData">184,600</td> <td style="" class="NRnumericalData">165,800</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">6,541</td> <td style="" class="NRnumericalData">5,946</td> <td style="" class="NRnumericalData">64,600</td> <td style="" class="NRnumericalData">64,400</td> </tr> <tr> <td style="" height="23">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">8,314</td> <td style="" class="NRnumericalData">8,414</td> <td style="" class="NRnumericalData">120,000</td> <td style="" class="NRnumericalData">101,400</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">936</td> <td style="" class="NRnumericalData">755</td> <td style="" class="NRnumericalData">13,300</td> <td style="" class="NRnumericalData">7,800</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,036</td> <td style="" class="NRnumericalData">2,517</td> <td style="" class="NRnumericalData">38,800</td> <td style="" class="NRnumericalData">35,400</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">5,720</td> <td style="" class="NRnumericalData">5,772</td> <td style="" class="NRnumericalData">72,600</td> <td style="" class="NRnumericalData">64,000</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,951</td> <td style="" class="NRnumericalData">3,210</td> <td style="" class="NRnumericalData">31,800</td> <td style="" class="NRnumericalData">34,800</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">2,212</td> <td style="" class="NRnumericalData">2,106</td> <td style="" class="NRnumericalData">28,100</td> <td style="" class="NRnumericalData">23,800</td> </tr> </tbody> </table>



Local: Apartments Push Up August Starts in Kitchener
September 9, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/apartments-push-up-august-starts-in-kitchener-1559027.htm)

Canada Mortgage and Housing Corporation (CMHC) released August preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 451 homes, more than double the 190 units started in the same month last year and the highest monthly total in more than six years.

Apartment starts are more volatile month to month and were the story in August. Both condominium and rental apartment starts pushed the overall total higher. The apartments were a mix of high-rise and low-rise buildings. Only 97 detached homes were started in August, down from the 112 units started in August 2010. For the first eight months of 2011, housing starts were lower. All housing types, except apartments, contributed to the decline.

"Global uncertainty has had an impact. Both first-time and repeat buyer demand has declined," said Erica McLerie, Senior Market Analyst at CMHC. "As first-time buyer demand decreased, starts for semi-detached homes and townhomes fell. On the other hand, condominium and rental apartment starts are higher due to increased demand from students, immigrants and baby boomers," added McLerie.

<img src="http://media3.marketwire.com/docs/cma909.jpg" width="500px" />

<img src="http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/Housing%20Starts%20Kitchener%20CMA%20-%20August%202011.png" />

[metropolis]

That's 354 units started in apartments and condos... my question is what are these starts as that is very significant and I cannot think of one large project breaking ground? 144 is the only large project that springs to mind and perhaps one of the large King St. towers but there are 220 units breaking ground in Kitchener?!

[markster]

Isn't there a condo/apartment project on Ira Needles that just broke ground? (At Victoria? Highland?)

[benjaminbach]

Developments have recently stated on Fallowfield Dr (164 units), on Laurelwood Dr (89 units), on Glasgow St (66 units), and a 27 unit student apartment building on University Av.

144 Park hasn't started yet.

[metropolis]

Developments have recently stated on Fallowfield Dr (164 units), on Laurelwood Dr (89 units), on Glasgow St (66 units), and a 27 unit student apartment building on University Av.

144 Park hasn't started yet.

Thanks Benjamin but Laurelwood site activity started pre August (I know cause I live there) and it is in Waterloo, not Kitchener. Which development on Glasgow broke ground? The only one that jumps to mind is the one behind Resurection SS and that is coming to completion? Also, correct me if I'm wrong (and I may be) but doesn't any form of physical site activity such as demolition count as a "housing start" according to CMHC so 144 would be considered a start be it in September or August?

[benjaminbach]

Thanks Benjamin but Laurelwood site activity started pre August (I know cause I live there) and it is in Waterloo, not Kitchener. Which development on Glasgow broke ground? The only one that jumps to mind is the one behind Resurection SS and that is coming to completion? Also, correct me if I'm wrong (and I may be) but doesn't any form of physical site activity such as demolition count as a "housing start" according to CMHC so 144 would be considered a start be it in September or August?

I'm not saying you're not correct, but those are the major projects CMHC cited in their recent report, based on their criteria.

[UrbanWaterloo]

National: September 2011 Housing Starts
October 11, 2011 | CMHC | Link (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/2011-10-11-0815.cfm)

The seasonally adjusted annual rate of housing starts was 205,900 units in September, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 191,900 units in August 2011.

“Housing starts picked up in September due to an increase in multiple starts in the Atlantic region, Quebec and in British Columbia,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Multiple housing starts are expected to move back towards levels consistent with demographic fundamentals in the near term.”

The seasonally adjusted annual rate of urban starts increased by 8.0 per cent to 185,900 units in September. Multiple urban starts were up by 14.2 per cent to 118,000 units, while urban single starts decreased by 1.5 per cent in September to 67,900 units.

September’s seasonally adjusted annual rate of urban starts increased by 47.0 per cent in the Atlantic region, 32.0 per cent in Quebec and by 18.6 per cent in British Columbia, while urban starts decreased by 3.5 per cent in Ontario and by 12.1 per cent in the Prairie region.

Rural starts were estimated at a seasonally adjusted annual rate of 20,000 units in September.

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<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>September<br> 2010</th> <th>September<br> 2011</th> <th>August<br> 2011</th> <th>September<br> 2011</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.<br> &nbsp; Detailed data available upon request.</td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <td style="" align="center">Revised</td> <td style="" align="center">Preliminary</td> <td style="" align="center">Revised</td> <td style="" align="center">Preliminary</td> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">16,930</td> <td style="" class="NRnumericalData">18,569</td> <td style="" class="NRnumericalData">191,900</td> <td style="" class="NRnumericalData">205,900</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">2,528</td> <td style="" class="NRnumericalData">2,079</td> <td style="" class="NRnumericalData">19,700</td> <td style="" class="NRnumericalData">20,000</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">14,402</td> <td style="" class="NRnumericalData">16,490</td> <td style="" class="NRnumericalData">172,200</td> <td style="" class="NRnumericalData">185,900</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">5,964</td> <td style="" class="NRnumericalData">6,262</td> <td style="" class="NRnumericalData">68,900</td> <td style="" class="NRnumericalData">67,900</td> </tr> <tr> <td style="" height="23">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">8,438</td> <td style="" class="NRnumericalData">10,228</td> <td style="" class="NRnumericalData">103,300</td> <td style="" class="NRnumericalData">118,000</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">720</td> <td style="" class="NRnumericalData">1,094</td> <td style="" class="NRnumericalData">8,300</td> <td style="" class="NRnumericalData">12,200</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,623</td> <td style="" class="NRnumericalData">4,616</td> <td style="" class="NRnumericalData">38,400</td> <td style="" class="NRnumericalData">50,700</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">4,886</td> <td style="" class="NRnumericalData">5,467</td> <td style="" class="NRnumericalData">65,300</td> <td style="" class="NRnumericalData">63,000</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,868</td> <td style="" class="NRnumericalData">2,914</td> <td style="" class="NRnumericalData">37,100</td> <td style="" class="NRnumericalData">32,600</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">2,305</td> <td style="" class="NRnumericalData">2,399</td> <td style="" class="NRnumericalData">23,100</td> <td style="" class="NRnumericalData">27,400</td> </tr> </tbody> </table>



Local: Apartments Push Up September Starts in Kitchener
October 11, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/apartments-push-up-september-starts-in-kitchener-1571159.htm)

Canada Mortgage and Housing Corporation (CMHC) released September preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 405 homes, a strong increase from the 145 units started in the same month last year and the highest September total since 2002.

Similar to August, apartment starts, both rental and condominium, were the push behind the increase in housing activity in September. The apartments were a mix of high-rise and mid-rise buildings. Only 80 detached homes were started in September, down from the 88 units started in September 2010. Townhouse and semi-detached starts were also lower. For the first three quarters of 2011, housing starts were slightly higher. This increase was due solely to the surge in apartment construction.

"Construction of apartments increased this year due to the strong demand from students, immigrants and empty-nesters," said Erica McLerie, Senior Market Analyst at CMHC. "Slower population growth, little land available for detached home construction and fewer first-time buyers for townhomes led to the decline in starts of these housing types," added McLerie.

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.

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[UrbanWaterloo]

National: October 2011 Housing Starts
November 8, 2011 | CMHC | Link (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/2011-11-08-0815.cfm)

The seasonally adjusted annual rate of housing starts was 207,600 units in October, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 208,800 units in September 2011.

“Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centres,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals.”

The seasonally adjusted annual rate of urban starts decreased by 2.1 per cent to 184,500 units in October. Urban single starts decreased by 9.0 per cent in October to 60,900 units, while multiple urban starts were up by 1.7 per cent to 123,600 units.

October’s seasonally adjusted annual rate of urban starts decreased by 43.5 per cent in the Atlantic region, and 28.8 per cent in Quebec, while urban starts increased by 1.5 per cent in British Columbia, by 11.7 per cent in Ontario, and by 28.2 per cent in the Prairie region.

Rural starts were estimated at a seasonally adjusted annual rate of 23,100 units in October.

680

<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>October<br> 2010</th> <th>October<br> 2011</th> <th>September<br> 2011</th> <th>October<br> 2011</th> </tr> <tr> <td style="" valign="top">&nbsp;</td> <th style="" align="center">Revised</th> <th style="" align="center">Preliminary</th> <th style="" align="center">Revised</th> <th style="" align="center">Preliminary</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.<br> &nbsp; Detailed data available upon request.</td> </tr> </tfoot> <tbody> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">15,759</td> <td style="" class="NRnumericalData">18,360</td> <td style="" class="NRnumericalData">208,800</td> <td style="" class="NRnumericalData">207,600</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">2,211</td> <td style="" class="NRnumericalData">1,972</td> <td style="" class="NRnumericalData">20,400</td> <td style="" class="NRnumericalData">23,100</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">13,548</td> <td style="" class="NRnumericalData">16,388</td> <td style="" class="NRnumericalData">188,400</td> <td style="" class="NRnumericalData">184,500</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">5,727</td> <td style="" class="NRnumericalData">5,472</td> <td style="" class="NRnumericalData">66,900</td> <td style="" class="NRnumericalData">60,900</td> </tr> <tr> <td style="" height="23">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">7,821</td> <td style="" class="NRnumericalData">10,916</td> <td style="" class="NRnumericalData">121,500</td> <td style="" class="NRnumericalData">123,600</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">956</td> <td style="" class="NRnumericalData">638</td> <td style="" class="NRnumericalData">13,100</td> <td style="" class="NRnumericalData">7,400</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">4,187</td> <td style="" class="NRnumericalData">3,488</td> <td style="" class="NRnumericalData">52,500</td> <td style="" class="NRnumericalData">37,400</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">3,855</td> <td style="" class="NRnumericalData">6,286</td> <td style="" class="NRnumericalData">63,100</td> <td style="" class="NRnumericalData">70,500</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,530</td> <td style="" class="NRnumericalData">3,605</td> <td style="" class="NRnumericalData">32,300</td> <td style="" class="NRnumericalData">41,400</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">2,020</td> <td style="" class="NRnumericalData">2,371</td> <td style="" class="NRnumericalData">27,400</td> <td style="" class="NRnumericalData">27,800</td> </tr> </tbody> </table>



Local: October Starts Higher in Kitchener
November 8, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/october-starts-higher-in-kitchener-1583539.htm)

Canada Mortgage and Housing Corporation (CMHC) released October preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area CMA) today. Construction began on 305 homes, slightly above the 281 units started in the same month last year.

Apartment starts, as well as semi-detached and townhouse construction, pushed housing activity higher in October. The three apartment buildings started were located in the cities of Waterloo and Kitchener, and were all targeted to renters. Foundations were laid for 98 detached homes in October, down from the 107 units started in October 2010. Townhouse activity occurred in the cities of Cambridge and Kitchener. For the first ten months of 2011, housing starts were slightly higher. This increase was due solely to the surge in apartment construction.

"Strong demand from students, immigrants and downsizing baby boomers led to the surge in apartment construction this year," said Erica McLerie, Senior Market Analyst at CMHC. "Although starts of semi-detached homes and townhomes were up in October, they were down on a year-to-date basis. Fewer first-time buyers led to the strong decline in the construction of semi-detached houses and townhomes, while repeat buyers limited the decline in single-detached starts," added McLerie.

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[UrbanWaterloo]

Region of Waterloo Celebrates 10th Annual National Housing Day
November 23, 2011 | Region of Waterloo | Link (http://www.regionofwaterloo.ca/en/newslist/index.aspx?corpId=58cynQlfgqiAYQyTLmpurQeQuAleQuAl&newsId=eGSyM9blJSw9b5lA5HMWrqx6xQeQuAleQuAl)

The Region of Waterloo is pleased to announce the 10th Annual National Housing Day celebrations taking place on Nov. 24, 2011. This year, the theme of National Housing Day is ‘Celebrating Housing Excellence in Waterloo Region.’

Formal celebrations are taking place from 9 to 11 a.m. at Knox Presbyterian Church and will feature the inaugural screening of a locally created film entitled “A Place to Call Home: Community Housing in Waterloo Region.” This piece incorporates a number of interviews with community members whose lives have been positively impacted by Community Housing.

The 10th Annual National Housing Day celebrations will include the presentation of the Housing Coalition Awards and a Regional Special Recognition Award. Certificates in Housing Foundations from the Homelessness and Housing Umbrella Group’s (HHUG) Housing Stability Training Centre will also be presented.

Celebrations will also include a special presentation on how Community Housing in Waterloo Region has developed since 2001, with an update on the Region’s Affordable Housing Strategy.

A reception with refreshments will be held following the formal celebrations in the foyer. There will be an opportunity to purchase Raising the Roof toques from Lutherwood and Homes for Hope pins from HHUG.

WHAT: National Housing Day 2011

WHERE: Knox Presbyterian Church, 50 Erb Street W. Waterloo, ON

WHEN: Thursday, Nov. 24, 2011 - 9 to 11 a.m.

National Housing Day is sponsored by Canada Mortgage and Housing Corporation (CMHC).

For more information, contact: Deb Schlichter, Director of Housing, Region of Waterloo, at dschlichter@regionofwaterloo.ca or 519-575-4521.

[UrbanWaterloo]

National: November 2011 Housing Starts
December 8, 2011 | CHMC | Link (http://www.cmhc.ca/en/corp/nero/nere/2011/2011-12-08-0815.cfm)

The seasonally adjusted annual rate of housing starts was 181,100 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 208,800 units in October 2011.

“Housing starts declined in November, reaching a level which is more consistent with the rate of household formation. The decrease in housing starts was due to a moderation in the multiples segment,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts decreased by 14.4 per cent to 158,900 units in November. Urban single starts increased by 3.5 per cent in November to 63,600 units, while multiple urban starts were down by 23.3 per cent to 95,300 units.

November’s seasonally adjusted annual rate of urban starts decreased by 30.6 per cent in Ontario, 13.4 per cent in the Prairies and 3.6 per cent in British Columbia. Urban starts increased 8.3 per cent in Atlantic Canada and 3.2 per cent in Québec.

Rural starts were estimated at a seasonally adjusted annual rate of 22,200 units in November.

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<table style="" class="NRDataTable"><thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>November<br> 2010</th> <th>November<br> 2011</th> <th>October<br> 2011</th> <th>November<br> 2011</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5"><br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.</td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <th align="center">Revised</th> <th align="center">Preliminary</th> <th align="center">Revised</th> <th align="center">Preliminary</th> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">17,637</td> <td style="" class="NRnumericalData">16,615</td> <td style="" class="NRnumericalData">208,800</td> <td style="" class="NRnumericalData">181,100</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">2,097</td> <td style="" class="NRnumericalData">1,914</td> <td style="" class="NRnumericalData">23,100</td> <td style="" class="NRnumericalData">22,200</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">15,540</td> <td style="" class="NRnumericalData">14,701</td> <td style="" class="NRnumericalData">185,700</td> <td style="" class="NRnumericalData">158,900</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">5,944</td> <td style="" class="NRnumericalData">5,920</td> <td style="" class="NRnumericalData">61,400</td> <td style="" class="NRnumericalData">63,600</td> </tr> <tr> <td style="" height="23">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">9,596</td> <td style="" class="NRnumericalData">8,781</td> <td style="" class="NRnumericalData">124,300</td> <td style="" class="NRnumericalData">95,300</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">731</td> <td style="" class="NRnumericalData">674</td> <td style="" class="NRnumericalData">7,200</td> <td style="" class="NRnumericalData">7,800</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,541</td> <td style="" class="NRnumericalData">3,804</td> <td style="" class="NRnumericalData">37,100</td> <td style="" class="NRnumericalData">38,300</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">7,123</td> <td style="" class="NRnumericalData">4,828</td> <td style="" class="NRnumericalData">71,800</td> <td style="" class="NRnumericalData">49,800</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,536</td> <td style="" class="NRnumericalData">3,154</td> <td style="" class="NRnumericalData">41,800</td> <td style="" class="NRnumericalData">36,200</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">1,609</td> <td style="" class="NRnumericalData">2,241</td> <td style="" class="NRnumericalData">27,800</td> <td style="" class="NRnumericalData">26,800</td> </tr> </tbody> </table>



Local: November Starts Higher in Kitchener
December 8, 2011 | Marketwire | Link (http://www.marketwire.com/press-release/november-starts-higher-in-kitchener-1596238.htm)

Canada Mortgage and Housing Corporation (CMHC) released November preliminary housing starts data for the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) today. Construction began on 282 homes, nearly double the 148 units started in the same month last year.

As in the past three months, apartment starts were responsible for the higher housing activity. All the apartment starts were in the City of Waterloo and were a mix of condominiums and student rental apartments. Builders laid foundations for 71 detached homes in November, down from the 83 units started in November 2010. Townhouse starts declined slightly from the same time last year. For the first eleven months of 2011, housing starts are higher than in the same period last year, due solely to the surge in apartment construction.

"Intensification initiatives by the cities of Waterloo, Kitchener and Cambridge have supported the strong increase in apartment starts this year. Increased demand from students, young adult households and downsizing baby boomers led to the surge in apartment construction this year," said Erica McLerie, Senior Market Analyst at CMHC.

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/CMHC%20Kitchener-Cambridge-Waterloo%20CMA%20Housting%20Starts%20-%20November%202011%20-%201.jpg

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/CMHC%20Kitchener-Cambridge-Waterloo%20CMA%20Housting%20Starts%20-%20November%202011%20-%202.jpg

[UrbanWaterloo]

Kitchener-Waterloo Home Sales Strong in March
April 4th, 2012 | KWAR | PDF (http://www.kwar.ca/stats/March_2012_Media_Release.pdf)

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Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), increased 8 percent in March compared to last year. There were 660 residential sales last month, 32.8 percent more than in February.

During the first quarter of 2012, there were a total of 1,502 residential sales, an increase of 1.1 percent compared to last year’s 1,480 sales.

“The Kitchener-Waterloo and regional area housing market continues to be solid,” says Sara Hill, President of KWAR. “Sales activity was higher than average for March, and while some of this might be attributable to the spring like weather, I think it really speaks to the confidence consumers have in our local economy and homeownership as a sound investment and lifestyle choice. “

Demand for detached homes was strong last month, with sales increasing 13.2 percent to 437 units. March’s residential sales also included 122 condominium units (up 3.4%), 56 semi-detached (down 8.2%) and 39 townhouses (down 2.5%).

The average sale price of all residential sales increased 3.9 percent to $310,631 compared with March 2011. Single detached homes sold for an average price of $355,273, an increase of 3.3 percent compared to last year. In the condominium market prices were down in March by 2.4%, with the average condo unit selling for $201,081. However, on a year-to-date basis the average price of a condo increased 3.8 percent to $206,586.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.

[mpd618]

That average price growth is just ridiculous. It sure seems like a bubble.

[zanate]

It's a combination of regional economic growth and the continued access to cheap capital. Take one of those away (the latter, if you please, I would rather keep the former) and I'm sure we'd see that average price growth trail off, possibly even dip... for a time.

But I doubt we're in bubble territory, at least locally. The old adage is that homes double in value every 10 years, and we're well shy even of that (looks like 50% growth over 10 years.) Bubbles are associated with accelerating growth, and I don't see that here either.

You want to see bubble? I'll show you bubble (http://thethirtiesgrind.com/2012/04/02/absurd-vancouver-property-of-the-week-2/).

[RyHam]

The condo market (in Waterloo specifically) seems a lot more worrisome than detached homes. With both Park towers coming, along with 2 x 25 stories at Barrelyards, and the many smaller projects, it seems like there are going to be some serious supply issues. Coupled with any slowdown at RIM (and let's be serious, RIM at the very least will experience a serious contraction within the next two or three years), this would make me pretty nervous as a condo owner.

I just sold my Waterloo condo for approximately 5% less than what the market would seemingly suggest, and it still took 45 days. Even a year ago this would have been unlikely, I think. Of course, a personal story is far from a statistical body of evidence.

[BuildingScout]

To me, new condos seem particularly overpriced. A while back I posted figures showing that a mortgage on a house for sale in Karen Walk, plus taxes, snow removal and yard maintenance contract (i.e. all the benefits of a condo fee) still came below the price of a unit with same number of bedrooms in one of the condo towers under construction near by.

[panamaniac]

To me, new condos seem particularly overpriced. A while back I posted figures showing that a mortgage on a house for sale in Karen Walk, plus taxes, snow removal and yard maintenance contract (i.e. all the benefits of a condo fee) still came below the price of a unit with same number of bedrooms in one of the condo towers under construction near by.

This is nothing new. The premium for condo over freehold can be significant and the risks in a downturn may be greater. Purchasers need to go in with eyes open.

[BigCityBoy]

I agree with Building Scout. There seems to be a direct disconnect with the prices that condos re-sell for and with the prices that are contemplated on some new developments (am i just seeing Red)? The most i have seen a recent condo development unit sell for is $390 a square foot. One of the 42's units at a reported 695 square foot sold for $271,200 after 60 days on the market.

It seems that the smaller the unit the higher the 'per square foot' value that the market will acknowledge. If you start to multiply that outwards you will certainly see a descending curve. Units that 1000+ square feet in price will command a much smaller value per square foot.

[plam]

I agree with Building Scout. There seems to be a direct disconnect with the prices that condos re-sell for and with the prices that are contemplated on some new developments (am i just seeing Red)? The most i have seen a recent condo development unit sell for is $390 a square foot. One of the 42's units at a reported 695 square foot sold for $271,200 after 60 days on the market.

It seems that the smaller the unit the higher the 'per square foot' value that the market will acknowledge. If you start to multiply that outwards you will certainly see a descending curve. Units that 1000+ square feet in price will command a much smaller value per square foot.

My 1080 sqft condo probably doesn't offer much more functionality than a somewhat smaller condo, because it uses the space pretty ineffectively. For instance, there are corridors that count in the area, but they're not useful at all. In some sense, I can understand paying more per sqft for a smaller place, because I'd bet that a lot of them can be just as functional.

[Anderson3133]

My 1080 sqft condo probably doesn't offer much more functionality than a somewhat smaller condo, because it uses the space pretty ineffectively. For instance, there are corridors that count in the area, but they're not useful at all. In some sense, I can understand paying more per sqft for a smaller place, because I'd bet that a lot of them can be just as functional.

This immediately reminded me of Ikea's small space layouts versus new condo developments in downtown Toronto.

Ikea has units around 600 square feet that feel like 300 square feet due to additional rooms, nooks, closets, etc. that drastically reduce the openness. Then, you have some new condo developments in Toronto which feel much larger due to "open concept" designs where it is literally just a living room/kitchen and a bedroom/bathroom that makes it feel like one large room and one smaller room.

[UrbanWaterloo]

National: March 2012 Housing Starts
April 11, 2012 | CMHC | Link (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2012/2012-04-11-0815.cfm)

The seasonally adjusted annual rate of housing starts was 215,600 units in March, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 205,300 units in February.

“The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies. This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre.

The seasonally adjusted annual rate of urban starts increased by 4.2 per cent to 192,100 units in March. Urban single starts moderated by 2.4 per cent in March to 68,000 units. Meanwhile, multiple urban starts were up by 8.3 per cent to 124,100 units.

March’s seasonally adjusted annual rate of urban starts increased by 30.3 per cent in Ontario, by 6.4 per cent in the Prairies, and by 2.7 per cent in Atlantic Canada. In each of these regions, the increase was due to multiple starts, but the role of increased multiple starts was most pronounced in Ontario. Although multiple starts in Ontario increased by 50.4 per cent, the pace is exceptional and not expected to be sustained. Urban starts decreased by 27.7 per cent in British Columbia and by 16.3 per cent in Québec.

Rural starts were estimated at a seasonally adjusted annual rate of 23,500 units in March.

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<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>March<br> 2011</th> <th>March<br> 2012</th> <th>February<br> 2012</th> <th>March<br> 2012</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.<br> &nbsp;&nbsp; Detailed data available upon request.</td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <th>Revised</th> <th>Preliminary</th> <th>Revised</th> <th>Preliminary</th> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">12,561</td> <td style="" class="NRnumericalData">14,517</td> <td style="" class="NRnumericalData">205,300</td> <td style="" class="NRnumericalData">215,600</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">906</td> <td style="" class="NRnumericalData">756</td> <td style="" class="NRnumericalData">21,000</td> <td style="" class="NRnumericalData">23,500</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">11,655</td> <td style="" class="NRnumericalData">13,761</td> <td style="" class="NRnumericalData">184,300</td> <td style="" class="NRnumericalData">192,100</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">3,634</td> <td style="" class="NRnumericalData">4,030</td> <td style="" class="NRnumericalData">69,700</td> <td style="" class="NRnumericalData">68,000</td> </tr> <tr> <td style="" height="23">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">8,021</td> <td style="" class="NRnumericalData">9,731</td> <td style="" class="NRnumericalData">114,600</td> <td style="" class="NRnumericalData">124,100</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">271</td> <td style="" class="NRnumericalData">333</td> <td style="" class="NRnumericalData">7,400</td> <td style="" class="NRnumericalData">7,600</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,111</td> <td style="" class="NRnumericalData">2,571</td> <td style="" class="NRnumericalData">41,800</td> <td style="" class="NRnumericalData">35,000</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">4,940</td> <td style="" class="NRnumericalData">6,062</td> <td style="" class="NRnumericalData">65,400</td> <td style="" class="NRnumericalData">85,200</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">1,897</td> <td style="" class="NRnumericalData">3,173</td> <td style="" class="NRnumericalData">40,800</td> <td style="" class="NRnumericalData">43,400</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">1,436</td> <td style="" class="NRnumericalData">1,622</td> <td style="" class="NRnumericalData">28,900</td> <td style="" class="NRnumericalData">20,900</td> </tr> </tbody> </table>


Local: March Starts Higher in Kitchener
April 11, 2012 | Marketwire | Link (http://www.marketwire.com/press-release/march-starts-higher-in-kitchener-1642433.htm)

New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) increased in March compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 316 homes, up significantly from the 165 units started in the same month of 2011.

"Again this month, apartment construction accounted for the higher number of starts. Higher density housing is in line with the Region of Waterloo Official Plan. Strong demand from students, young adult households, and downsizing baby boomers supported the construction of apartments," said Erica McLerie, Senior Market Analyst at CMHC.

While single-detached, semi-detached and townhome starts were lower, the increase in apartment starts pushed total starts higher in March. Apartment construction increased to 212 units from 30 units last year. All apartment starts were in the City of Waterloo and were a mixture of rental units and condominiums. Builders started 77 single-detached homes in March, down from the 94 homes started a year ago.

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[markster]

The student stacks sure are making their presence known.

[UrbanWaterloo]

National: April 2012 Housing Starts
May 8, 2012 | CMHC | Link (http://www.cmhc.ca/en/corp/nero/nere/2012/2012-05-08-0815.cfm)

The seasonally adjusted annual rate of housing starts was 244,900 units in April, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 214,800 units in March.

“Most of the increase was in the multiples segment. The increase in this segment is partly a reflection of the high level of pre-sales in large multi-unit projects since 2011, which is in line with job gains over the last year,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “Looking at single-detached homes, 67,700 such units were started across Canada in April, a rate which is consistent with that of the recent past,” added Laberge.

The seasonally adjusted annual rate of urban starts increased by 18.0 per cent to 226,200 units in April. Urban single starts increased modestly by 0.6 per cent in April to 67,700 units. Meanwhile, multiple urban starts increased by 27.4 per cent to 158,500 units.

April’s seasonally adjusted annual rate of urban starts increased by 56.5 per cent in Québec, by 12.2 per cent in Ontario, by 6.3 per cent in the Prairies and British Columbia, and by 2.6 per cent in Atlantic Canada. In each region, the increase was mainly due to multiple starts, particularly in Québec and Ontario. Meanwhile, single-detached starts decreased in April in all regions, with the exception of Ontario (+7.9 per cent).

Rural starts were estimated at a seasonally adjusted annual rate of 18,700 units in April.

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<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>April<br> 2011</th> <th>April<br> 2012</th> <th>March<br> 2012</th> <th>April<br> 2012</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over.<br> &nbsp;&nbsp;&nbsp; Detailed data available upon request.</td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <th>Revised</th> <th>Preliminary</th> <th>Revised</th> <th>Preliminary</th> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">16,766</td> <td style="" class="NRnumericalData">21,094</td> <td style="" class="NRnumericalData">214,800</td> <td style="" class="NRnumericalData">244,900</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">1,901</td> <td style="" class="NRnumericalData">1,906</td> <td style="" class="NRnumericalData">23,100</td> <td style="" class="NRnumericalData">18,700</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">14,865</td> <td style="" class="NRnumericalData">19,188</td> <td style="" class="NRnumericalData">191,700</td> <td style="" class="NRnumericalData">226,200</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">5,760</td> <td style="" class="NRnumericalData">5,945</td> <td style="" class="NRnumericalData">67,300</td> <td style="" class="NRnumericalData">67,700</td> </tr> <tr> <td style="">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">9,105</td> <td style="" class="NRnumericalData">13,243</td> <td style="" class="NRnumericalData">124,400</td> <td style="" class="NRnumericalData">158,500</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">615</td> <td style="" class="NRnumericalData">529</td> <td style="" class="NRnumericalData">7,700</td> <td style="" class="NRnumericalData">7,900</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,743</td> <td style="" class="NRnumericalData">5,125</td> <td style="" class="NRnumericalData">35,200</td> <td style="" class="NRnumericalData">55,100</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">6,157</td> <td style="" class="NRnumericalData">7,803</td> <td style="" class="NRnumericalData">85,000</td> <td style="" class="NRnumericalData">95,400</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,452</td> <td style="" class="NRnumericalData">3,864</td> <td style="" class="NRnumericalData">43,000</td> <td style="" class="NRnumericalData">45,700</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">1,898</td> <td style="" class="NRnumericalData">1,867</td> <td style="" class="NRnumericalData">20,800</td> <td style="" class="NRnumericalData">22,100</td> </tr> </tbody> </table>


Local: April Starts Lower in Kitchener
May 8, 2012 | Marketwire | Link (http://www.marketwire.com/press-release/april-starts-lower-in-kitchener-1654030.htm)

New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in April compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 160 homes, down slightly from the 174 units started in the same month of 2011.

"The decline in single-detached construction accounted for the lower number of starts. With fewer registered lots available for immediate construction, builders have scaled back construction. Limited choice and higher prices in the new home market are making the resale market an attractive alternative for a potential single-detached homebuyer," said Erica McLerie, Senior Market Analyst at CMHC.

While single-detached and semi-detached starts were lower, the increase in townhome and apartment starts kept total starts closer to last year's level. Although apartment construction was at the lowest level of the year in April, starts were up from the same month last year. Builders started 79 single-detached homes in April, down from the 130 homes started a year ago. For the first four months of 2012, housing starts have more than doubled due to the strength of apartment construction.

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[UrbanWaterloo]

Harper Government Takes Further Action to Strengthen Canada's Housing Market
June 21, 2012 | Government of Canada | Link (http://news.gc.ca/web/article-eng.do;jsessionid=ac1b105330d7c3e110c0a44d42e18bca a2238fa5658f.e38RbhaLb3qNe3iRci0?m=%2Findex&nid=681529)

<img src="http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/Government%20of%20Canada%20-%20New%20Mortgage%20Rules%20-%20June%2021,%202012.jpg" title="Minister of Finance Jim announced prudent steps to support the long term stability of Canada's housing market on Thursday, June 21, 2012." />

As part of the Government’s continuous efforts to strengthen Canada’s housing finance system, the Honourable Jim Flaherty, Minister of Finance, today announced further adjustments to the rules for government-backed insured mortgages.

“Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,” said Minister Flaherty. “The adjustments we are making today will help them realize their goals, build on the previous measures we have introduced to keep the housing market strong, and help to ensure households do not become overextended. As just one example, the reductions to the maximum amortization period since 2008 would save a typical Canadian family with a $350,000 mortgage about $150,000 in borrowing costs over the life of that mortgage.”

The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:

Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011.
Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes.
Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates.
Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.
“Investing in a home is a great way to save,” said Minister Flaherty. “That is the dream that mortgage insurance was intended to support. The measures we are taking today maintain that intended purpose.”

Minister Flaherty said the new rules will take effect on July 9, 2012.

Related Documents

Backgrounder: Supporting the Long-Term Stability of Canada’s Housing Market (http://www.fin.gc.ca/n12/data/12-070_1-eng.asp)
Frequently Asked Questions (http://www.fin.gc.ca/n12/data/12-070_2-eng.asp)

BACKGROUNDER: SUPPORTING THE LONG-TERM STABILITY OF CANADA’S HOUSING MARKET (http://www.fin.gc.ca/n12/data/12-070_1-eng.asp)

MORTGAGE INSURANCE

Mortgage insurance (which is sometimes called mortgage default insurance) is a credit risk management tool that protects lenders from losses on mortgage loans. If a borrower defaults on a mortgage, and the proceeds from the foreclosure of the property are insufficient to cover the resulting loss, the lender submits a claim to the mortgage insurer to recover its losses.

The law requires federally regulated lenders to obtain mortgage insurance on loans in which the homebuyer has made a down payment of less than 20 per cent of the purchase price (also called high loan-to-value mortgages). The homebuyer pays the premiums for this insurance, which protects the lender if the homebuyer defaults.

The Government backs insured residential mortgages in Canada. It is responsible for the obligations of Canada Mortgage and Housing Corporation (CMHC) as it is an agent Crown corporation. In order for private mortgage insurers to compete with CMHC, the Government backs private mortgage insurers’ obligations to lenders, subject to a deductible equal to 10 per cent of the original principal amount of the loan.

Since 2008, the Government has taken measured steps to strengthen the minimum standards for government-backed insured mortgages, including:

Requiring a minimum down payment of five per cent for owner-occupied properties and 20 per cent for speculative properties.
Limiting the maximum amortization period to 30 years.
Lowering the maximum amount Canadians can withdraw in refinancing to 85 per cent of the value of their homes.
Requiring that borrowers meet the standards for a five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.
Withdrawing Government insurance backing on lines of credit secured by homes.
These standards apply for mortgages on residential property with four units or less. They do not affect multi-unit buildings with five units or more.

Measures Announced Today

Today, the Government announced further changes to the standards for government-backed insured mortgages. These measures would apply to new high loan-to-value mortgages backed by the Government.

LIMIT THE MAXIMUM AMORTIZATION PERIOD TO 25 YEARS

The amortization period is the length of time it will take to pay off the entire mortgage loan. It is usually much longer than the term of the mortgage. A typical mortgage in Canada may have a term of five years or less during which a specific fixed or variable interest rate will apply, and the mortgage can be renewed at the end of the term.

The measure announced today will reduce the maximum amortization period from 30 years to 25 years for high loan-to-value mortgages, which are backed by government insurance. (Banks will still be able to offer 30-year amortization periods on low ratio—20 per cent or more down payment—mortgages, if they so choose.). For any given mortgage loan, a lower amortization period would result in a moderate increase in the monthly payment along with a significant reduction in the total interest paid over the amortization period. The following table illustrates the benefit of reducing the amortization period from 30 years to 25 years for a mortgage loan of $350,000.1

<table class="tbl-data tabular" cellspacing="0" cellpadding="2" width="825px" style="margin: 0 auto;"> <caption class="alignLeft">Monthly Payments and Total Interest Savings Resulting From a Reduction in the Amortization Period to 25 Years for a Mortgage Loan of $350,000</caption> <tbody><tr class="rh"> <th id="C100" scope="col">Interest Rate</th> <th id="C101" scope="col">30-Year Amortization—Monthly Payment</th> <th id="C102" scope="col">25-Year Amortization—Monthly Payment</th> <th id="C103" scope="col">Difference in Monthly Payment—<br> 25-Year vs. 30-Year Amortization</th> <th id="C104" scope="col">Interest Savings—25-Year vs. 30-Year Amortization</th> </tr> <tr class="r1"> <td id="C105" headers="C100" scope="row">3 per cent</td> <td class="alignBottomRight" headers="C101 C105">$1,472</td> <td class="alignBottomRight" headers="C102 C105">$1,656</td> <td class="alignBottomRight" headers="C103 C105">$184</td> <td class="alignBottomRight" headers="C104 C105">$33,052</td> </tr> <tr class="r2"> <td id="C106" headers="C100" scope="row">4 per cent</td> <td class="alignBottomRight" headers="C101 C106">$1,664</td> <td class="alignBottomRight" headers="C102 C106">$1,841</td> <td class="alignBottomRight" headers="C103 C106">$177</td> <td class="alignBottomRight" headers="C104 C106">$46,832</td> </tr> <tr class="r1"> <td id="C107" headers="C100" scope="row">5 per cent</td> <td class="alignBottomRight" headers="C101 C107">$1,868</td> <td class="alignBottomRight" headers="C102 C107">$2,036</td> <td class="alignBottomRight" headers="C103 C107">$168</td> <td class="alignBottomRight" headers="C104 C107">$61,765</td> </tr> </tbody></table>

LOWER THE MAXIMUM REFINANCING AMOUNT TO 80 PER CENT OF THE LOAN-TO-VALUE RATIO

Borrowers can refinance their mortgage and increase the amount of the loan secured against their home. The measure announced today will reduce the limit on refinancing from 85 per cent to 80 per cent of the value of the home. Reducing the maximum refinancing amount to 80 per cent follows the change from 90 per cent to 85 per cent in March 2011. Reducing the maximum loan-to-value ratio on refinancing will encourage Canadians to keep equity in their home and save through home ownership.

As an illustration, for a home valued at $350,000, refinancing at 85 per cent would allow the homeowner to access up to $297,500, whereas refinancing at 80 per cent would allow the homeowner to access up to $280,000. The lower refinancing limit means homeowners will keep an additional $17,500 in the equity of their home and at the same time save up to $5,200 in insurance premiums.

LIMIT THE GROSS DEBT SERVICE RATIO TO 39 PER CENT AND TOTAL DEBT SERVICE RATIO TO 44 PER CENT

There are two ratios commonly used to measure the risk associated with household debt: the gross debt service (GDS) ratio and the total debt service (TDS) ratio. The GDS ratio is the share of the borrower’s gross household income that is needed to pay for home-related expenses, such as mortgage payments, property taxes and heating expenses. The TDS ratio is the share of the borrower’s gross income that is needed to pay for home-related expenses and all other debt obligations.

Lenders must review a borrower’s debt service ratios before granting a mortgage loan. In 2008, the Government announced a 45 per cent TDS limit as part of the adjustments to the rules for government-backed insured mortgages. The measure announced today will limit the GDS ratio to 39 per cent and lower the maximum TDS ratio to 44 per cent. Setting a GDS limit and lowering the TDS limit will help prevent Canadian households from overextending themselves and reduce the number of financially vulnerable households.

LIMIT THE AVAILABILITY OF GOVERNMENT-BACKED INSURED MORTGAGES TO HOMES WITH A PURCHASE PRICE OF LESS THAN $1 MILLION

The measure announced today will establish that government-backed mortgage insurance is only available for a new high loan-to-value mortgage if the home purchase price is under $1 million.

Establishing a maximum allowable price will ensure that government-backed mortgage insurance operates the way it was originally intended: to help working families and first-time homebuyers. According to the Canadian Real Estate Association, the national average price (based on Multiple Listing Service sales activity) for a home sold in May 2012 was $375,605. This measure is expected to have a negligible impact on working families and first-time homebuyers as the vast majority of these borrowers purchase properties priced below the threshold. Borrowers purchasing homes priced at or above the maximum allowable price would require a down payment of at least 20 per cent.

IMPLEMENTATION OF THE NEW FRAMEWORK

These adjustments will come into force on July 9, 2012. Exceptions would be allowed to satisfy a binding purchase and sale, financing or refinancing agreement where a mortgage insurance application has been made before July 9, 2012. While the changes announced today come into force on July 9, 2012, any mortgage insurance applications received after June 21, 2012 and before July 9, 2012 that do not conform to the measures announced today must be funded by December 31, 2012.

-----
1 The mortgage loan amount used in the illustrative example represents approximately the size of the mortgage loan needed for an average house in Canada. According to the Canadian Real Estate Association, the national average price (based on Multiple Listing Service sales activity) for a home sold in May 2012 was $375,605.

[UrbanWaterloo]

National: June 2012 Housing Starts
July 10, 2012 | CMHC | Link (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2012/2012-07-10-0815.cfm)

Housing starts in Canada were trending at 218,500 units in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 222,700 units in June, up from 217,400 in May.

“The monthly increase posted in June was mainly attributable to multiple urban starts in Québec and British Columbia. The rate of starts, however, remains close to the six month average,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “CMHC still expects the pace of housing starts to moderate as the year progresses,” added Laberge.

For some markets, CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. Analyzing only SAAR data can be misleading in some markets in some situations, as they are largely driven by the multiples segment of the markets which can be quite volatile from one month to the next.

The seasonally adjusted annual rate of urban starts increased by 2.6 per cent to 199,500 units in June. Urban single starts decreased slightly by 0.3 per cent in June to 67,500 units, while multiple urban starts increased by 4.1 per cent to 132,000 units.

June’s seasonally adjusted annual rate of urban starts increased by 7.7 per cent in Atlantic Canada, by 17.3 per cent in Québec and by 31.2 per cent in British Columbia. Urban starts decreased by 6.9 per cent in the Prairies and by 9 per cent in Ontario.

Rural starts were estimated at a seasonally adjusted annual rate of 23,200 units in June.

1275

<table style="" class="NRDataTable"> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="2">&nbsp;</td> <th colspan="2">Actual</th> <th colspan="2">SAAR</th> </tr> <tr> <th>June<br> 2011</th> <th>June<br> 2012</th> <th>May<br> 2012</th> <th>June<br> 2012</th> </tr> </thead> <tfoot> <tr> <td style="" colspan="5">Source: CMHC<br> *Seasonally adjusted annual rates<br> **Urban centres with a population of 10,000 and over<br> &nbsp;&nbsp;&nbsp; Detailed data available upon request.</td> </tr> </tfoot> <tbody> <tr> <td style="" valign="top">&nbsp;</td> <th>Revised</th> <th>Preliminary</th> <th>Revised</th> <th>Preliminary</th> </tr> <tr> <td style="">Canada, all areas</td> <td style="" class="NRnumericalData">18,494</td> <td style="" class="NRnumericalData">20,327</td> <td style="" class="NRnumericalData">217,400</td> <td style="" class="NRnumericalData">222,700</td> </tr> <tr> <td style="">Canada, rural areas</td> <td style="" class="NRnumericalData">2,250</td> <td style="" class="NRnumericalData">2,183</td> <td style="" class="NRnumericalData">22,900</td> <td style="" class="NRnumericalData">23,200</td> </tr> <tr> <td style="">Canada, urban centres**</td> <td style="" class="NRnumericalData">16,244</td> <td style="" class="NRnumericalData">18,144</td> <td style="" class="NRnumericalData">194,500</td> <td style="" class="NRnumericalData">199,500</td> </tr> <tr> <td style="">Canada, singles, urban centres</td> <td style="" class="NRnumericalData">7,287</td> <td style="" class="NRnumericalData">6,923</td> <td style="" class="NRnumericalData">67,700</td> <td style="" class="NRnumericalData">67,500</td> </tr> <tr> <td style="">Canada, multiples, urban centres</td> <td style="" class="NRnumericalData">8,957</td> <td style="" class="NRnumericalData">11,221</td> <td style="" class="NRnumericalData">126,800</td> <td style="" class="NRnumericalData">132,000</td> </tr> <tr> <td style="">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> <td style="" class="NRnumericalData">&nbsp;</td> </tr> <tr> <td style="">Atlantic region, urban centres</td> <td style="" class="NRnumericalData">1,055</td> <td style="" class="NRnumericalData">1,121</td> <td style="" class="NRnumericalData">9,100</td> <td style="" class="NRnumericalData">9,800</td> </tr> <tr> <td style="">Quebec, urban centres</td> <td style="" class="NRnumericalData">3,816</td> <td style="" class="NRnumericalData">3,967</td> <td style="" class="NRnumericalData">36,500</td> <td style="" class="NRnumericalData">42,800</td> </tr> <tr> <td style="">Ontario, urban centres</td> <td style="" class="NRnumericalData">6,648</td> <td style="" class="NRnumericalData">6,258</td> <td style="" class="NRnumericalData">77,700</td> <td style="" class="NRnumericalData">70,700</td> </tr> <tr> <td style="">Prairie region, urban centres</td> <td style="" class="NRnumericalData">2,866</td> <td style="" class="NRnumericalData">3,843</td> <td style="" class="NRnumericalData">45,200</td> <td style="" class="NRnumericalData">42,100</td> </tr> <tr> <td style="">British Columbia, urban centres</td> <td style="" class="NRnumericalData">1,859</td> <td style="" class="NRnumericalData">2,955</td> <td style="" class="NRnumericalData">26,000</td> <td style="" class="NRnumericalData">34,100</td> </tr> </tbody> </table>


Local: June Housing Starts in Kitchener
July 10, 2012 | Marketwire | Link (http://www.marketwire.com/press-release/june-housing-starts-in-kitchener-1678158.htm)

New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in June compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 214 homes, down from the 293 dwellings started in the same month of 2011.

"Construction declined in June mainly because construction was lower in Cambridge City than it was in June 2011. Housing starts in Cambridge declined as there were fewer starts of apartments. However, the amount of apartment construction in June 2011 was somewhat atypical. Additionally, apartment construction can vary significantly from month to month," noted Erica McLerie, Senior Market Analyst at CMHC.

Single-detached construction also dropped off in June. Builders started 96 single-detached homes in June, down from the 125 homes started a year ago. While single-detached and apartment starts declined in June, townhome starts continued to increase. For the first half of 2012, housing starts are up significantly due to the strength of apartment construction and townhouse construction.

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/Kitchener%20CMA%20Housing%20Starts%20-%20June%202012%20-%201.jpg

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/Kitchener%20CMA%20Housing%20Starts%20-%20June%202012%20-%202.jpg

[UrbanWaterloo]

National: August 2012 Housing Starts
September 11, 2012 | CMHC | Link (http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2012/2012-09-11-0815.cfm)

Housing starts in Canada were trending at 222,900 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 224,900 units in August, up from 208,000 in July.

“The increase in housing starts in August was the result of a few, large, multi-unit projects in the Greater Toronto area. This increase is primarily a reflection of the high level of pre-sales in some of these large multi-unit projects in late 2010 and early 2011, which is in line with job gains at that time,” said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “The higher level of starts recorded in Atlantic Canada and British Columbia in August reflect low levels of activity in July rather than an increasing trend that was registered in August. Overall, moderation in housing starts activity is still expected for the remainder of 2012 and 2013.”

For some markets, CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The seasonally adjusted annual rate of urban starts increased by 10.2 per cent to 205,900 units in August. Urban single starts remained relatively unchanged in August at 64,300 units, while multiple urban starts increased by 15.5 per cent to 141,600 units.

August’s seasonally adjusted annual rate of urban starts increased by 47.5 per cent in Atlantic Canada, by 20.4 per cent in Ontario, by 18.2 per cent in British Columbia and by 1.3 per cent in the Prairies. Urban starts decreased by 9.8 per cent in Québec.

Rural starts were estimated at a seasonally adjusted annual rate of 19,000 units in August.

1425

<table style="" class="DataTable" summary=" "> <caption>Housing Starts, Actual and SAAR*</caption> <thead> <tr> <td style="" rowspan="3">&nbsp;</td> <th colspan="2" scope="colgroup">Actual</th> <th colspan="2" scope="colgroup">SAAR</th> </tr> <tr> <th scope="col">August</th> <th scope="col">August</th> <th scope="col">July</th> <th scope="col">August</th> </tr> <tr> <th scope="col">2011</th> <th scope="col">2012</th> <th scope="col">2012</th> <th scope="col">2012</th> </tr> <tr> <td style="">&nbsp;</td> <th scope="col">Revised</th> <th scope="col">Preliminary</th> <th scope="col">Revised</th> <th scope="col">Preliminary</th> </tr> </thead> <tbody> <tr> <th scope="row"><strong>Canada, all areas</strong> </th> <td style="" class="numericalData"><strong>17,042</strong> </td> <td style="" class="numericalData"><strong>19,860</strong> </td> <td style="" class="numericalData"><strong>208,000</strong> </td> <td style="" class="numericalData"><strong>224,900</strong> </td> </tr> <tr> <th scope="row">Canada, rural areas</th> <td style="" class="numericalData">2,104</td> <td style="" class="numericalData">2,135</td> <td style="" class="numericalData">21,200</td> <td style="" class="numericalData">19,000</td> </tr> <tr> <th scope="row">Canada, urban centres**</th> <td style="" class="numericalData">14,938</td> <td style="" class="numericalData">17,725</td> <td style="" class="numericalData">186,800</td> <td style="" class="numericalData">205,900</td> </tr> <tr> <th scope="row">Canada, singles, urban centres</th> <td style="" class="numericalData">6,359</td> <td style="" class="numericalData">6,015</td> <td style="" class="numericalData">64,200</td> <td style="" class="numericalData">64,300</td> </tr> <tr> <th scope="row">Canada, multiples, urban centres</th> <td style="" class="numericalData">8,579</td> <td style="" class="numericalData">11,710</td> <td style="" class="numericalData">122,600</td> <td style="" class="numericalData">141,600</td> </tr> <tr> <th scope="row">&nbsp;</th> <td style="" class="numericalData">&nbsp;</td> <td style="" class="numericalData">&nbsp;</td> <td style="" class="numericalData">&nbsp;</td> <td style="" class="numericalData">&nbsp;</td> </tr> <tr> <th scope="row">Atlantic region, urban centres</th> <td style="" class="numericalData">795</td> <td style="" class="numericalData">1,112</td> <td style="" class="numericalData">8,000</td> <td style="" class="numericalData">11,800</td> </tr> <tr> <th scope="row">Quebec, urban centres</th> <td style="" class="numericalData">2,707</td> <td style="" class="numericalData">2,807</td> <td style="" class="numericalData">44,000</td> <td style="" class="numericalData">39,700</td> </tr> <tr> <th scope="row">Ontario, urban centres</th> <td style="" class="numericalData">5,949</td> <td style="" class="numericalData">7,744</td> <td style="" class="numericalData">72,200</td> <td style="" class="numericalData">86,900</td> </tr> <tr> <th scope="row">Prairie region, urban centres</th> <td style="" class="numericalData">3,430</td> <td style="" class="numericalData">3,582</td> <td style="" class="numericalData">38,400</td> <td style="" class="numericalData">38,900</td> </tr> <tr> <th scope="row">British Columbia, urban centres</th> <td style="" class="numericalData">2,057</td> <td style="" class="numericalData">2,480</td> <td style="" class="numericalData">24,200</td> <td style="" class="numericalData">28,600</td> </tr> </tbody> </table>



Local: August Housing Starts in Kitchener
September 11, 2012 | Marketwire | Link (http://www.marketwire.com/press-release/august-housing-starts-in-kitchener-1699809.htm)

New residential construction in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) decreased in August compared to the same month of 2011, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Construction began on 93 homes, down from the 451 units started in August 2011.

"Construction declined for all housing types, except townhouses in August. New home buyers in the past few months have been more hesitant to buy due to both the local and global economic uncertainties, resulting in fewer sales and lower housing starts. A well-supplied resale home market with relatively lower prices is an alternative to buying new," said Erica McLerie, Senior Market Analyst at CMHC.

Starts in August were at the lowest level for any month in more than three years. Builders started 71 single-detached homes in August, down from the 97 homes started a year ago. No apartments were started, compared to the 336 units started in August 2011. Townhouse starts increased to 22 units, from the 16 units started a year earlier. Due to the strength of townhouse and apartment construction in the first half of the year, housing starts for the first eight months of 2012 continued to outpace the starts from the same period of 2011.

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/CMHC%20KWC%20Housing%20Starts%20-%20August%202012%20-%202.jpg

http://wonderfulwaterloo.com/wdrive/Economy/Housing%20Market/CMHC%20KWC%20Housing%20Starts%20-%20August%202012%20-%201.jpg

[BuildingScout]

December 13, 2012 08:15 ET
Apartment Rental Demand Lower in Kitchener


TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) - Canada Mortgage and Housing Corporation (CMHC) released its Fall 2012 Rental Market Report for the Kitchener-Cambridge-Waterloo (KCW) and Guelph Census Metropolitan Areas (CMAs) today. Demand for rental apartments decreased in KCW, but increased marginally in Guelph. The average vacancy rate in KCW moved higher to 2.6 per cent and in Guelph to 1.4 per cent. On the basis of a sample of structures common to both the 2011 and 2012 surveys, the average two-bedroom rent increased by 3.1 per cent in KCW and by 3.3 per cent in Guelph.


"Strong demand from young adult households, immigrants and seniors and fewer rental households moving to homeownership supported rental demand in both KCW and Guelph. But, in KCW, students vacating apartments to move into newly-completed student rental housing offset this demand," noted Erica McLerie, CMHC Senior Market Analyst for the Kitchener-Guelph area.


As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions. 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.
For more information, visit www.cmhc.ca (http://www.cmhc.ca/) or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information (http://www.cmhc.ca/housingmarketinformation).


http://www.marketwire.com/press-release/apartment-rental-demand-lower-in-kitchener-1737187.htm

---------- Post Merged at 03:14 PM ----------

From an informal poll of Kijiji roommate rentals, it seems that the average price of student units has gone from ~$520 to around
~$450, and for the first time in five years there are some reasonable units for the winter term at below $400 a month.

With less than three weeks to go before the winter term there is still an ample supply of below $450 units located within walking distance of the universities.

[UrbanWaterloo]

KW Home & Garden Show at The Aud!
There’s no place like the KW Home and Garden Show!
March 19, 2013 | City of Kitchener | Link (http://www.kitchener.ca/en/News/index.aspx?feedId=d4f21f12-42d3-4326-a9da-160f92157d6a&newsId=691dc1fc-1d27-44d1-b7bb-38d288391e5b)

As spring is springing, join us for the 31st annual Kitchener-Waterloo Home and Garden Show, presented by RE/MAX. The KW Home and Garden Show will be open from Friday, March 22 to Sunday, March 24 at the Kitchener Memorial Auditorium Complex.

RE/MAX, the presenting sponsor, is providing educational opportunities for all show attendees including information on how to buy and sell real estate successfully. Also, professionals will inform and entertain daily on stage at the Rogers Theatre. Guests are encouraged to attend and “Ask the Experts”.

Presentations include:
New Plants & Ideas for Spring Gardens with Denis Flanagan (Friday, March 22 at 1:30 p.m., 2:30 p.m.)
Garden Crazy! Fun, Folklore & Facts with Frankie Flowers (Saturday, March 23 at noon, 2 p.m.)
Enhance Your Property’s Appeal with Dave Wright (Sunday, March 24 at 2 p.m.)
Ode to Summer Mediterranean Cuisine with Derek Hines (daily)Back by popular demand, Landscape Ontario’s (Waterloo Chapter) members will once again be featuring individual displays together with garden and water displays that show visitors ideas for landscaping with flair. Landscape Ontario wants you to enter for a chance to “Get Curbalicious,” courtesy of RE/MAX and win a full landscaping makeover.

Rangers Day at the Home Show will be happening on Friday, March 22. All Kitchener Rangers season ticket holders who present their VIP card and Warming House members who show their discount card will receive a special offer of complimentary admission before the game.

The show features more than 250 booths, filling two arenas, offering a vast array of products for your home and garden including kitchens, baths, flooring, roofing, windows, doors, sunrooms, landscaping, air systems and much more.

For information on ticket pricing and hours, please visit the show’s website www.kwhgs.ca.