ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - July 11, 2016) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 757 units in June compared to 747 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) of housing starts.
Actual housing starts declined 11 per cent compared to June 2015, in line with the trend measure in housing starts, which continued slightly lower to the end June in the St. John's area. "A significant decline in multiple housing starts has dragged total new home construction activity lower through the first six months of 2016, but despite this, single-detached starts are on par with 2015's January to June activity," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre.
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 835 units in June compared to 934 in May.
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.
For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.
Additional data is available upon request.
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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1062026a_tables.pdf