Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 10, 2012 08:15 ET

June Housing Starts Increased in the St. Catharines-Niagara CMA

TORONTO, ONTARIO--(Marketwire - July 10, 2012) - New residential construction in the St. Catharines-Niagara CMA increased last month compared to June 2011 according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Housing starts increased to 108 in 2012 compared to 105 in 2011.

"After a slight dip in May, townhome starts as a proportion of total starts are near the historically high levels posted in early 2012." said Alexander Bonnyman, Market Analyst with CMHC. "Row home starts are on par with June 2011, however, Welland and Fort Erie accounted for a proportionately higher number of townhome starts in the CMA in June 2012 than a year earlier."

Niagara Falls continues to account for the highest number of new home starts in the CMA. While it also accounts for the largest number of row home starts in the CMA, Welland and Fort Erie each accounted for nearly 25 per cent each of the CMA's total row home starts. Given the slow pace of employment growth and other external economic risk factors, townhomes, a lower-priced housing option, will continue to be a substantial part of the overall market, especially in markets such as Fort Erie, which experienced recent employment losses.

The second quarter 2012 posted an overall decrease in starts in the CMA as compared to the second quarter 2011. Single-detached starts were lower in the second quarter 2012 and were more widely dispersed throughout the CMA than in the second quarter 2011. This decrease was partially offset by increased row home activity, primarily in the City of Niagara Falls.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. 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 informed decisions.

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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