"Continued Growth in Employment, Income and Population Will Remain Supportive Of The Local Housing Market This Year" Chris Janes CMHC

January Housing Starts for the St. John’s Area

ST. JOHN’S, February 8, 2011 –

Housing starts in the St. John’s region were flat during the month of January, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). January’s housing starts totalled 105 units throughout the St. John’s area compared to 104 units in January of 2010. There were four additional starts recorded outside the St. John’s area, for a total of 109 provincial urban housing starts compared to 113 last January. “An 18 per cent increase in single-detached housing construction was offset by lower multiple unit starts activity during January,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is expected to come off record highs, continued growth in employment, income and population will remain supportive of the local housing market this year,” added Janes.

In urban centres across Canada, total housing starts recorded in January were down six per cent to 9,773 units compared to last year’s total of 10,438. Single-detached starts declined 28 per cent to 3,463 units, while multiple starts increased 13 per cent to 6,310 units in January. In the Atlantic region, 480 new units were started in January compared to 441 units during the same period in 2010.

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. 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 vital decisions.

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