TORONTO, ONTARIO--(Marketwire - Sept. 11, 2012) - New residential construction in the St. Catharines-Niagara CMA decreased last month compared to August 2011 according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Housing starts declined to 72 in August 2012 compared to 198 a year earlier.
"Although overall starts declined, the magnitude of the decline was amplified by the absence of apartment starts in August 2012," said Paul Tessaro, Market Analyst with CMHC. "Apartment construction can be volatile from month to month. The apartment units started in August of last year represented a majority of the apartment starts for all of 2011. The absence of the apartment construction this year explains much of the decline in total starts, but single-detached and row starts are down as well thus far through 2012."
The percentage decline in single-detached construction in August was the same as the year-to-date decline. The decline has been fairly widespread, occurring in six of the ten submarkets of the CMA. Niagara-on-the-Lake and Port Colborne are the only areas within the CMA where there has been a significant increase in construction of this housing type in 2012.
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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