Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2014 08:15 ET

April 2014 Housing Starts in Brantford

TORONTO, ONTARIO--(Marketwired - May 8, 2014) - Housing starts in Brantford, Census Metropolitan Area (CMA) were trending relatively flat at 353 units in April compared to 365 units 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.

"Despite the flat trend, the SAAR of housing starts in Brantford CMA increased in April 2014, suggesting that the local housing market is strongly recovering from a harsh winter that slowed residential construction across much of the country. Single-detached housing starts were up 11 per cent from April 2013, marking the seventh consecutive monthly increase. The apartment segment recorded its strongest starts since September 2011. No semi-detached and row housing starts occurred anywhere in the Brantford CMA. Favourable homeownership affordability continues to attract out-of-town buyers and supporting residential construction in Brantford," said Abdul Kargbo, CMHC's Senior Market Analyst for the Hamilton and Brantford CMAs.

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 316 units in April, up from 203 units 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

Additional data is available upon request.

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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.

Tables and a graph are available at the following link: http://media3.marketwire.com/docs/944366e.pdf.

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