Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 08, 2016 12:30 ET

August 2016 Housing Starts in St. John's

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Sept. 8, 2016) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 744 units in August compared to 669 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) of housing starts.

The trend measure in housing starts was higher in August in the St. John's CMA, driven by an increase in row and duplex construction within the multiple starts segment. "A lack of economic growth and uncertainty around the province's fiscal situation has resulted in home builders shifting their focus towards lower priced homes this year," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre.

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 1,027 units in August compared to 708 in July.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1068602e.pdf

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