Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2016 08:15 ET

Continued Strength in Residential Activity this October

HALIFAX, NOVA SCOTIA--(Marketwired - Nov. 8, 2016) - Housing starts in Halifax Census Metropolitan Area (CMA) were trending at 2,877 units in October compared to 2,528 in September 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.

"Both single-detached homes and multiples starts exceeded levels recorded on a month-over-month comparison," said Guillaume Neault, CMHC Principal Market Analyst for Atlantic Canada. "If the trend continues over the next sixty days, residential construction will fall within the forecasted ranges by the end of 2016," 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 2,825 units in October, down from 4,384 in September.

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/1075634e.pdf

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