TORONTO, ONTARIO--(Marketwired - Jan. 9, 2014) - Housing starts in the Greater Sudbury, Census Metropolitan Area (CMA) were trending at 633 units in December compared to 649 in November 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 a significant decline in housing starts in Greater Sudbury as compared to same period last year, the start of 11 units in December helped maintain six-months moving average almost unchanged from November. The early arrival of severe winter dampened already sluggish starts activity in Greater Sudbury." said Jawad Ahmad, CMHC's Market Analyst for Sudbury.
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 232 units in December, down from 1,000 in November.
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.
(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.
Additional data is available upon request.
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A graph and table are available at the following link: http://media3.marketwire.com/docs/921002e.pdf.