March Housing Starts Declined in the St. Catharines-Niagara CMA

TORONTO, ONTARIO--(Marketwire - April 11, 2012) - New residential construction in the St. Catharines-Niagara CMA declined last month compared to March 2011 according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Housing starts declined to 38 in 2012 compared to 92 in 2011.

"Once again, row home starts figured prominently in the St. Catharines-Niagara CMA. The popularity of row homes appears to be on the rise since they are serving as an alternative to lower priced single-detached homes, a dwelling type that has seen a softening in the number of completed and sold units in relation to early 2011." said Alexander Bonnyman, Market Analyst with CMHC.

Row home starts in March accounted for 40% of total housing starts in the St. Catharines-Niagara CMA, the highest monthly proportion since April 2011. The majority of the decline in total starts between 2011 and 2012 was due to fewer single-detached starts. Completions in first two months of 2012 indicate that the slowing is attributable to a reduction in the construction of lower priced singles. Both in absolute terms and proportionately, the higher end ($350,000+) of the single-detached market accounted for more completed and sold units in early 2012 than the same period in 2011.

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.

To view the graph and table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/stcat_data_eng.pdf

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