TORONTO, ONTARIO--(Marketwire - Feb. 8, 2013) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 2,537 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 standalone monthly SAAR was 3,334 units in January, up from 2,273 units in December.
"Hamilton's total housing starts were up in January 2013 from the same month a year ago. The strong performance in single-detached and apartment starts completely offset the sharp decline in semi- detached and row starts. Similar to the pattern seen last year, single-detached starts began 2013 on a high note, recovering from two consecutive monthly declines," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
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.
Apartment starts totalled 99 actual units in January 2013, eight times the number of units reported in January of last year. A high rise condo structure in the City of Hamilton accounted for all the apartment starts this January. Consequently, total housing starts in the City of Hamilton were higher than they were in the same month a year earlier. Conversely, residential construction activity in Burlington and Grimsby was lower than last year's level.
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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