Housing Demand Decreases in St. Catharines-Niagara in 2016

TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report, released today for the St. Catharines-Niagara Census Metropolitan Area (CMA), housing starts will decrease to 1,490 units in 2016 and decrease further to 1,430 units in 2017. Single-detached starts will increase in 2016 but fewer starts of all other dwelling types will push total starts lower. Fewer starts of all dwelling types will cause total starts to decrease in 2017. Existing home sales will increase by one per cent in 2016 and edge slightly lower in 2017. The resale market will favour sellers in 2016 and 2017.

"Housing demand will decrease in 2016. Job and wage growth will continue to support housing demand, but the mortgage rate drop in 2015 pulled many home purchases forward from 2016. Higher home prices and mortgage rates in 2017 will exert further downward pressure on housing demand," 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.

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