Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2014 08:15 ET

March 2014 Housing Starts in Sudbury

TORONTO, ONTARIO--(Marketwired - April 8, 2014) - Housing starts in the Greater Sudbury, Census Metropolitan Area (CMA) were trending at 264 units in March compared to 311 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.

"Large amounts of snow on the ground and temperatures below freezing point resulted in unfavourable conditions to kick start construction season in Greater Sudbury. No starts were recorded in March ending the first quarter of this year with total four starts. The trends from resale market are signaling towards healthier housing demand which is expected to spill-over to the new construction market in coming months." 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 standalone monthly SAAR was 7 units in March, down from 20 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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A graph and table are available at the following link: http://media3.marketwire.com/docs/938346e.pdf.

Contact Information

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

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