Construction of new single detached homes in Waterloo region have hit a new six-year high as house hunters turn to new builds in an increasingly competitive housing resale market, according to the latest Canada Mortgage Housing Corporation data.
There were 175 starts for new single detached homes in the tri-cities area in September 2016, according to the CMHC, more than doubling the 83 new homes being constructed at the same time last year.
The crown corporation's new numbers were published Tuesday after a record-breaking summer for real estate in Kitchener-Waterloo. Sales hit new heights each month as tight inventories led to bidding wars in some cases, forcing buyers to go in over asking price.
The same CMHC data also showed all other housing starts, including new apartments, condos and townhomes were down 32 per cent from 375 units in September 2015 to 256 this year.
The CMHC said seasonally adjusted to six-month annual rates, total dwelling starts were up to 4,799 units in September, compared to 3,560 units in August.