Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2016 08:25 ET

Continued Strength in Residential Activity this November

HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 8, 2016) - Housing starts in Halifax Census Metropolitan Area (CMA) were trending at 2,871 units in November compared to 2,876 in October 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.

"Residential construction activity remained strong on a month-over-month basis in Halifax," said Guillaume Neault, CMHC Principal Market Analyst for Atlantic Canada. "While construction activity lags 2015 year-to-date, the gap has been narrowing over the past three months," Neault added.

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 2,836 units in November, up from 2,821 in October.

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/1079426e_TABLES.pdf

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