Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2014 08:15 ET

March 2014 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwired - April 8, 2014) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending down at 2,221 units in March compared to 2,275 units in February, 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 SAAR of housing starts in Hamilton CMA decreased in March 2014 and was in line with the underlying trend. This month's decline in housing starts was not broad based, as residential construction in the City of Burlington was particularly weak. Total housing starts were up in the City of Hamilton and the Township of Grimsby. Single-detached construction was remarkably strong in Grimsby, as the Township recorded its highest number of single-detached housing starts since August 2007," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.

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 2,233 units in March, down from 3,128 units 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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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(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.

A graph and tables are available at the following link: http://media3.marketwire.com/docs/938329e.pdf.

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