Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2014 08:15 ET

July 2014 Housing Starts in Kingston

OTTAWA, ONTARIO--(Marketwired - Aug. 11, 2014) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 665 units in July compared to 576 in June, 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's new home market posted another healthy month of activity. Despite a drop in the total number of seasonally adjusted housing starts from last month, which resulted from fewer apartment starts, there was an increase in row, semi and single-detached starts. The increase in demand of land based dwelling types, particularly singles, is considered a good barometer of market health. Steady local economic conditions point to continued strengthening in new home starts over the rest of the year," said Sandra Perez-Torres, CMHC Senior Market Analyst.

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 691 units in July down from 1,908 in June.

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.

(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.

Follow CMHC on Twitter @CMHC_ca.

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/961895E.pdf

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