January 2013 Housing Starts in Halifax

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 8, 2013) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 4,309 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)¹ of housing starts.

"The pace of residential construction in Halifax increased in January," said Tim Andrews, CMHC's Market Analyst for Nova Scotia. "The quickening pace was attributed to a significant increase in multiple starts in January," added Andrews. "In the single-detached segment of the market, starts were lower," Andrews said.

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 5,953 units in January, up from 1,266 in December.

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 is available at the following link: http://media3.marketwire.com/docs/halifax_housing_02082013.jpg.

Preliminary Housing Start Data
January / 2012-2013
Halifax CMA1			January 2012	January 2013
	Actual
		January - Single-Detached	59	41
		January - Multiples	18	430
		January - Total	77	471
		January to January - Single-Detached	59	41
		January to January - Multiples	18	430
		January to January - Total	77	471
			December 2012	January 2013
	SAAR 2
		Total	1,266	5,953

Source:	CMHC
1	Census Metropolitan Area
2	Seasonally Adjusted at Annual Rates
	Detailed data available upon request

Preliminary Housing Start Data
January / 2012-2013
Nova Scotia, Centres 10,000+			January 2012	January 2013
	Actual, urban centres 1
		January - Single-Detached	97	55
		January - Multiples	27	443
		January - Total	124	498
		January to January - Single-Detached	97	55
		January to January - Multiples	27	443
		January to January - Total	124	498
			December 2012	January 2013
	SAAR 2, urban centres 1
		Total	2,566	6,825

Source:	CMHC
1	Urban centres with a population of 10,000 and over.
2	Seasonally Adjusted at Annual Rates
	Detailed data available upon request

Nova Scotia Preliminary Actual Housing Start Data
January / 2012-2013
Urban Centres	Single-Detached		Multiples		Total
	2012	2013	2012	2013	2012	2013
Urban Centres 100,000+
Halifax CMA	59	41	18	430	77	471
Cape Breton RGM	9	6	2	10	11	16
Total Urban Starts1	97	55	27	443	124	498
Nova Scotia Preliminary Actual Housing Start Data
January to January / 2012-2013
Urban Centres	Single-Detached		Multiples		Total
	2012	2013	2012	2013	2012	2013
Urban Centres 100,000+
Halifax CMA	59	41	18	430	77	471
Cape Breton RGM	9	6	2	10	11	16
Total Urban Starts1	97	55	27	443	124	498

1	Urban starts include an estimate for the areas 10,000-49,999 for the first two months in a quarter and are subject to revision(s) after quarterly enumeration in the third and final month of the quarter.