Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2011 08:15 ET

August Housing Starts Jump in St. Catharines-Niagara

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) - Preliminary data for August 2011 released today by Canada Mortgage and Housing Corporation (CMHC) for the St.Catharines-Niagara Census Metropolitan Area(i) (CMA) show total housing starts increased last month compared to August 2010. Total starts reached 198 units for the month up from 67 total units in the same month last year. This is the highest monthly total since July 2004 and the longest stretch of months with at least 100 starts since 2006.

Starts of all housing types increased except for semi-detached homes. The number of single-detached starts increased by 35 per cent and row home starts increased by 150 per cent compared to August 2010. However, the biggest increase was due to apartments. There were 107 apartment starts in August 2011 and none in August last year.

"After a slow first and a strong second quarter, starts in the third quarter are on pace to be the highest so far in 2011," said Anthony Adrien, Market Analyst with CMHC. "With two new apartment projects underway in Niagara-on-the-Lake and St. Catharines, year-to-date apartment starts have more than doubled from 67 to 174 units and total starts are eight per cent higher than in 2010. Demand for apartments is strong given the limited land available for development and an aging population which is downsizing to Niagara," added Adrien.

To view a map of the "St. Catharines - Niagara CMA" and "Monthly Housing Starts" chart, please visit the following link: http://media3.marketwire.com/docs/cm909sge.pdf.

To view Table 1 and Table 2, please visit the following link: http://media3.marketwire.com/docs/cm909ste.pdf.

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.

For more information, please visit www.cmhc.ca or call 1-800-668-2642.

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(i) Statistics Canada defines a census metropolitan area (CMA) as one or more adjacent municipalities integrated with an urban core. A CMA must have a total population of at least 100,000 of which 50,000 or more must live in the urban core.

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