Home builders in the London area were busier last month than they were in August of last year.
According to figures released Wednesday by the Canada Mortgage and Housing Corporation, work began on 358 new homes in the London Census Metropolitan Area (CMA) in August.
That compares to 204 in August of 2014.
The increase was driven largely by construction of new multiple unit dwellings.
“Total starts trended up in August primarily due to higher apartment starts in the last six months," says Anthony Passarelli, senior market analyst with CMHC. "Demand for new apartments has been supported by a growing number of one or two person households in London. New apartments are primarily designed to suit the tastes of people aged 25 to 34 years old or 55 years and older, as they head the vast majority of these smaller households."
So far this year, construction has begun on 1,557 new homes in the London area. That's up from 1,317 in the period between January 2014 and the end of August 2014.
