St. Catharines-Niagara Starts to Moderate in 2015

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - Total housing starts within the St. Catharines-Niagara Census Metropolitan Area (CMA) are expected to moderate slightly in 2015 to 1,270 and to drop a bit more in 2016, according to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook. Single-detached homes starts will be more than half the total starts in 2015 before decreasing slightly in 2016. Row house starts will remain stable as buyers will look for low-rise housing that is affordable and satisfies their needs.

Existing home sales and average price will rise in 2015. The number of existing homes sales will increase to 5,950, with a modest adjustment down in 2016. Existing home prices are expected to increase by 3.2 and 2.7 per cent in 2015 and 2016 respectively.

"An improving economy, increased migration, and favourable borrowing conditions will support housing demand in 2015. The average price of low-rise housing in this market compared to similar nearby markets will attract both first-time and repeat buyers. In 2016, rising mortgage carrying costs will dampen demand," said Edgard Navarrete, Market Analyst.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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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