Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2013 08:15 ET

April 2013 Housing Starts in Halifax

HALIFAX, NOVA SCOTIA--(Marketwired - May 8, 2013) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 2,423 units in April compared to 3,377 in March according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.

"The pace of housing starts in Halifax slowed in April," said Tim Andrews, CMHC's Market Analyst for Nova Scotia. "The reduced pace was attributed to decreased activity in the multi-family segment of the market as no new apartments were started last month," added Andrews.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 1,337 units in April, down from 3,757 in March.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

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.

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[1] All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

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A graph is available at the following address: http://media3.marketwire.com/docs/hal0508.pdf

Preliminary Housing Start Data
April 2013
Halifax CMA(1) March 2013 April 2013
Trend (2) 3,377 2,423
SAAR 3,757 1,337
April 2012 April 2013
Actual
April - Single-Detached 97 73
April - Multiples 14 39
April - Total 111 112
January to April - Single-Detached 260 182
January to April - Multiples 282 720
January to April - Total 542 902
Source: CMHC
(1) Census Metropolitan Area
(2) The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). Detailed data available upon request
Nova Scotia Preliminary Actual Housing Start Data
April / 2012-2013
Urban Centres Single-Detached Multiples Total
2012 2013 2012 2013 2012 2013
Urban Centres 100,000+
Halifax 97 73 14 39 111 112
Urban Centres 50,000-99,999
Cape Breton RGM 6 1 17 8 23 9
Total Urban Starts(1) 162 83 47 53 209 136
Nova Scotia Preliminary Actual Housing Start Data
January to April / 2012-2013
Urban Centres Single-Detached Multiples Total
2012 2013 2012 2013 2012 2013
Urban Centres 100,000+
Halifax 260 182 282 720 542 902
Urban Centres 50,000-99,999
Cape Breton RGM 26 12 21 20 47 32
Total Urban Starts(1) 426 262 335 764 761 1026
(1) Urban starts include an estimate for the areas 10,000-49,999 for the first two months of the quarter and are subject to revision(s) after quarterly enumeration in the third and final month of the quarter.

Contact Information

  • Market Analysis Contact:
    Tim Andrews
    902-426-8465
    Cell: 902-802-7817
    tdandrew@cmhc.ca

    Media Contact:
    Caroline Arsenault
    902-426-8127
    Cell: 902-452-4448
    cmarsena@cmhc.ca