St. Catharines Housing Demand to Decline in 2012

Real Estate — November 6, 2012

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook report for the St. Catharines-Niagara CMA, MLS® Sales will moderate at the end of 2012 and in early 2013 before increasing in the second half of the year. Housing starts will decline in late 2012 and early 2013 and then stabilize in the rest of the year. Price growth will be less than the rate of inflation in 2013.

"Slow economic growth, global financial uncertainty and lower wage growth will contribute to lower starts in both 2012 and 2013", said Paul Tessaro, CMHC Market Analyst for the St. Catharines-Niagara CMA. "Land constraints, demographic patterns and new mortgage rules are factors which will lead to lower MLS^® sales in 2012 and 2013. Balanced market conditions will lead to modest price growth in 2013."

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 CMHC Housing Market Information.

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Contact Information

Canada Mortgage and Housing Corporation
Market Analysis Contact:
Paul Tessaro
416-250-2775
ptessaro@cmhc.ca

Canada Mortgage and Housing Corporation
Regional Media Contact:
Beth Bailey
416-218-3355
bbailey@cmhc.ca
www.cmhc.ca