TORONTO, ONTARIO--(Marketwire - Aug. 9, 2012) - New residential construction in the St. Catharines-Niagara CMA decreased last month compared to July 2011 according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). Housing starts declined to 95 in July 2012 compared to 108 a year earlier.
"Although overall starts declined, single-detached starts in the CMA grew on a year-over-year basis." said Alexander Bonnyman, Market Analyst with CMHC. "The continued strength of the single-detached home market underlines the fact that for the average household, homes remain affordable in the St. Catharines-Niagara CMA."
Single-detached starts showed limited growth in the CMA in relation to July 2011, but in both Niagara Falls and Welland singles starts grew strongly. Strength in Welland continued from the second quarter with the City's proximity to St. Catharines and Niagara Falls and affordable housing attracting buyers.
In general, the new home market was much the same as in July of 2011. The primary reason for lower total number of starts in the CMA was the decline in row home starts in Lincoln. The strength of townhome starts Lincoln a year prior appears to have been based on a single project as a comparable level of row starts has not been reached since.
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 figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/811094fgs.pdf
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