New home building stats are down in Kitchener-Waterloo which have some economists believing Canada’s housing market is cooling, but what the numbers actually mean are a shift in demand.

With only 47 single-detached homes being built, down from 98 last year, data from Canada Mortgage and Housing suggests that the housing market in Waterloo Region , as well as across the country, is in a downturn.

Kitchener- Waterloo Association of Realtors President, Sara Hill tells 570 News the decrease is due to the change in age demographic which reflects on the demand for newly constructed homes.

“The various demands for housing are changing because our society our average age within the communities is changing.”

Hill also suggests that this decrease is a common cycle in the housing market.

“It’s a very cyclical things, sales never remain constant they’re constantly undulating up and down.”

Kitchener- Waterloo is not the only region who’s new construction numbers fell, Quebec recorded a decline of 16.9 per cent the largest in Canada.