June 2015 Housing Starts in Sudbury

TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Greater Sudbury Census Metropolitan Area (CMA) were trending at 174 units in June compared to 171 units in May 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 trend in housing starts for the month of June remained relatively unchanged as the rising trend for apartment starts more than offset the decreasing trend for single-detached and row starts in Sudbury. Demand for multiple-unit homes from the aging population continues to support the new home market, in particular the multiples unit segment." said Aris Gianneskis, CMHC's Market Analyst for Sudbury.

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 297 in June compared to 197 in May due to more multiple starts in the month of June. The majority of single detached starts were in the core compared to the majority of apartment starts which took place in Valley East submarket.

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/1016375_E.pdf