Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2014 08:15 ET

March 2014 Housing Starts in Kingston

OTTAWA, ONTARIO--(Marketwired - April 8, 2014) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 412 units in March compared to 992 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.

"March seasonally adjusted housing starts in Kingston fell by roughly a quarter of the previous month`s number. This month it was single-detached units that drove most of the decline, while the number of seasonally adjusted multi-family units moved higher. Despite a weak first quarter, economic conditions in Kingston continue to suggest a pickup in starts is around the corner." said Andrew Scott, Market Analyst for Kingston.

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 224 units in March down from 314 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.

(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.

(Ce document existe également en français)

A graph and table are available at the following link: http://media3.marketwire.com/docs/938358e.pdf.

Contact Information

  • Andrew Scott, Market Analyst
    613-748-5129
    alscott@cmhc.ca

    Kingston (French):
    Sandra Perez-Torres, Senior Market Analyst
    613-552-0798
    sperezto@cmhc.ca

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