Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 04, 2011 15:12 ET

St. Catharines-Niagara Resale Market to Recover in 2012

TORONTO, ONTARIO--(Marketwire - Nov. 4, 2011) - Canada Mortgage and Housing Corporation (CMHC) released its 2011 Fall Housing Market Outlook report today for the St. Catharines-Niagara Census Metropolitan Area (CMA). Existing home sales will increase moderately in 2012 while starts will stabilize.

"Despite the current uncertainty in global financial markets, resale activity will grow in 2012," said Anthony Adrien, Market Analyst for St. Catharines-Niagara. "Employment growth will decelerate, but low mortgage rates and increased migration to Niagara Region from the Greater Toronto Area and outside of Canada will continue to support demand for housing. Demand will be strongest for mid-price homes in the resale market and high-density housing in the new home market," added Adrien.

After a strong third quarter in 2011, MLS® sales in the St. Catharines-Niagara CMA will decline in the fourth quarter but are forecast to recover in 2012, while home prices are expected to decline moderately in the fourth quarter of 2011 and increase gradually throughout the year before peaking in the second half of 2012. Housing starts are expected to decline by close to two per cent in 2012 due to fewer single-detached homes. Higher density housing will remain stable.

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 http://www.cmhc.ca/housingmarketinformation.

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