Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2013 08:15 ET

April 2013 Housing Starts in Kingston

OTTAWA, ONTARIO--(Marketwired - May 8, 2013) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 462 units in April compared to 503 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.

"Housing starts in the Kingston CMA in April were down slightly from the previous month on a seasonally adjusted basis. This decrease was offset by an increase in the number of single-detached units started. Year-to-date, new home building activity remains lower than the year previously, which is in line with expectations of moderation this year. Housing activity in Kingston continues to be supported by a stable employment picture and historically low mortgage rates," said Andrew Scott, Market Analyst for Kingston.

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 multiples segment includes apartments, rows and semi-detached homes.

The standalone monthly SAAR was 452 units in April down from 481 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.

Follow CMHC on Twitter @CMHC_ca.

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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To view the table and graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/872192img.pdf.

Contact Information

  • Andrew Scott
    Market Analyst
    613-748-5129
    alscott@cmhc.ca

    Kingston (French):
    Sandra Perez-Torres
    Senior Market Analyst
    613-748-5120
    sperezto@cmhc.ca

    National Media Contact:
    Beth Bailey
    Communications and Marketing
    416-218-3355
    bbailey@cmhc.ca