Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 25, 2015 08:15 ET

Greater Housing Demand in St. Catharines-Niagara in 2015

TORONTO, ONTARIO--(Marketwired - May 25, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the St. Catharines-Niagara Census Metropolitan Area (CMA), Housing starts will increase to 1,510 units in 2015 before decreasing slightly to 1,470 units in 2016. Higher single-detached starts will lift total starts in 2015. A greater number of apartments will start in 2016, but fewer starts of all other dwelling types will cause the total to decrease next year. Existing home sales will increase in 2015 to 6,050 homes sold and remain relatively stable at 6,000 homes sold in 2016. The resale market will favour sellers in 2015 and 2016.

"Housing demand will increase in 2015 due to greater in-migration of households from pricier housing markets, most notably from Hamilton and the Greater Toronto Area. Also, job growth will drive up average wages, allowing more St. Catharines-Niagara households to purchase a home. Rising prices and mortgages rates starting to edge up in early 2016 will constrain demand. However, buyers from Hamilton and the Greater Toronto Area will keep housing demand steady given the large differential between home prices in St. Catharines-Niagara and those markets," said Edgard Navarrete, CMHC Market Analyst for the St. Catharines-Niagara CMA.

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

Follow CMHC on Twitter @CMHC_ca

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