Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

April 09, 2013 08:15 ET

March 2013 Housing Starts in Sudbury

TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in the Greater Sudbury, Census Metropolitan Area (CMA) were trending at 495 units in March, 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.

"Home building picked up in March after slower activity in February. Home building is expected to gain momentum in coming months. However, housing construction in 2013 is expected to be similar to or lower than last year," said Jawad Ahmad, 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 multiples segment includes apartments, rows and semi-detached homes.

The standalone monthly SAAR was 114 units in March, up from 21 in February.

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.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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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To view the graph and tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/865431CMHC.pdf.

Contact Information

  • Market Analysis Contact:
    Jawad Ahmad
    416-218-3373
    jahmad@cmhc.ca

    Media Contact:
    Beth Bailey
    Consultant, Communications and Marketing
    416-218-3355
    Cell: 416-988-4615
    bbailey@cmhc.ca