TORONTO, ONTARIO--(Marketwire - March 8, 2013) - Housing starts in St. Catharines-Niagara, Census Metropolitan Area (CMA) were trending at 1,460 units in February, 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.
"Seasonally adjusted starts cooled in February after having been above trend over the prior three months," said Paul Tessaro, CMHC's Market Analyst for St. Catharines-Niagara. "Economic conditions will be moderate in 2013 which will translate into relatively stable starts in the CMA. Single-detached construction activity through February is very similar to what it was in 2012. Multiple starts are much higher through February than they were in 2012. However, the construction of these housing types is more variable than singles on a monthly basis and will move closer to the 2012 rate over the remainder of the year."
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 915 units in February, down from 1,567 in January.
Preliminary Housing Starts data are 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.
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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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To view the table and graph associated with this press release, please visit the following link: http://media3.marketwire.com/docs/CMHC_Feb2013Stats.pdf