NOVEMBER STARTS EASED IN THE ST. CATHARINES-NIAGARA CMA
Preliminary housing starts data for November 2008 released today
by Canada Mortgage and Housing Corporation (CMHC) for the St. Catharines-Niagara Census
Metropolitan Area1 (CMA) report a 29 per cent decline from the same month last year to 69 units. All of
the decline occurred in the volatile multiple segment.
Total starts in the St. Catharines-Niagara CMA for January-November 2008 were up four per cent over
the same period a year ago. Starts of single-detached homes on a year-to-date basis declined 10 per
cent to 641 homes, but the drop was offset by a higher number of starts in all other housing types – semi-
detached homes (12 per cent), townhouses (37 per cent) and apartments (41 per cent).
"Both employment and starts are easing after a very strong performance early in the year" said Ashot
Karapetyan, Market Analyst with CMHC. "Although starts were down in November, the number of homes
under construction remained high, reflecting the rising proportion of apartments and townhouses in the
new home market. Moreover, starts are still on track to reach the current forecast for 2008 of 1,140
units."
Preliminary housing starts data for November 2008 released today
by Canada Mortgage and Housing Corporation (CMHC) for the St. Catharines-Niagara Census
Metropolitan Area1 (CMA) report a 29 per cent decline from the same month last year to 69 units. All of
the decline occurred in the volatile multiple segment.
Total starts in the St. Catharines-Niagara CMA for January-November 2008 were up four per cent over
the same period a year ago. Starts of single-detached homes on a year-to-date basis declined 10 per
cent to 641 homes, but the drop was offset by a higher number of starts in all other housing types – semi-
detached homes (12 per cent), townhouses (37 per cent) and apartments (41 per cent).
"Both employment and starts are easing after a very strong performance early in the year" said Ashot
Karapetyan, Market Analyst with CMHC. "Although starts were down in November, the number of homes
under construction remained high, reflecting the rising proportion of apartments and townhouses in the
new home market. Moreover, starts are still on track to reach the current forecast for 2008 of 1,140
units."
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help
Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that
will continue to create vibrant and healthy communities and cities across the country.
For more information, visit www.cmhc.ca or call 1-800-668-2642.
posted by Duncan Ley at 7:11 AM
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