Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 09, 2015 08:15 ET

January 2015 Housing Starts in Kingston

TORONTO, ONTARIO--(Marketwired - Feb. 9, 2015) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 652 units in January compared to 716 in December, 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.

"Kingston recorded more starts in the month of January 2015 compared to the same period a year ago. Single-detached homes made up the majority of these starts. Significant is the diversification by sub-market. This diversification is taking place due to greater land availability for single-detached homes in the sub-markets of Loyalist and South Frontenac. This trend will continue supported by population increases in the aforementioned markets," said Aris Gianneskis, Market Analyst for Kingston.

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 310 units in January down from 1,555 in December; this is attributed almost entirely to a large apartment development breaking ground in the last month of the year. In any given month, the SAAR tends to be more volatile than the six-month trend.

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.

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 table and a graph are available at the following address: http://media3.marketwire.com/docs/991180a.pdf

Contact Information

  • Aris Gianneskis, Market Analyst
    416-250-3228
    agiannes@cmhc.ca

    Media Contact:
    Beth Bailey, Consultant, Communications and Marketing
    416-218-3355
    bbailey@cmhc.ca