Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2016 08:15 ET

February 2016 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwired - March 8, 2016) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 2,528 units in February compared to 2,394 units in January, 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 in Hamilton CMA total housing starts increased in February 2016 compared to the previous month. The February increase was entirely due to a higher number of multi-unit housing starts in the City of Hamilton," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "Townhouse starts continued an upward trajectory in February, suggesting an increase in first time homebuyer demand."

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 2,694 units in February, up from 1,841 units in January. February's increase in the SAAR measure was due to a rental apartment structure that was started in the City of Hamilton.

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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1045973e.pdf

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