Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2014 08:15 ET

August 2014 Housing Starts In Hamilton CMA

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2014) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending down at 2,906 units in August compared to 3,029 units in July, 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 trend in Hamilton CMA total housing starts decreased in August 2014, following four consecutive monthly increases. This month's decline in the trend measure was entirely due to lower multi-unit residential construction. Despite the relatively strong demand, the higher number of multi-units currently under construction continues to dampen multi-unit housing starts in 2014," said Abdul Kargbo, CMHC's Senior Market Analyst for 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 2,398 units in August, up from 2,136 units in July. This month's increase in the SAAR measure was primarily due to stronger single-detached housing construction. The limited supply of single-detached homes in established locations in the GTA has resulted in higher prices which in turn has encouraged some buyers to move to neighbouring municipalities such as Hamilton. Year-to-date, single-detached housing starts in Hamilton reached 791 units, up two per cent compared to the first eight months of 2013.

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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/966901E.pdf

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