Housing starts in the Hamilton area were up in October, after a three-month run of declines, according to figures released Friday by the Canada Mortgage and Housing Corporation.
There were 2,487 housing starts in the Hamilton census metropolitan area (CMA) in October compared to 2,433 in September. The Hamilton CMA includes Burlington and Grimsby as well.
"The trend in Hamilton CMA total housing starts increased in October 2013, following three months consecutive declines,” said Abdul Kargbo, the CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
Kargbo says the rise in starts is because a shift in consumer preference towards “less expensive ownership housing,” especially in Burlington, where the price gap with expensive Toronto housing is quickly narrowing.
“The strong performance in the multiple-family segment completely offset the sharp decline in single-detached starts," Kargbo, said.