Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 10, 2015 08:15 ET

March 2015 Housing Starts in St. Catharines-Niagara

TORONTO, ONTARIO--(Marketwired - April 10, 2015) - Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending lower at 1,495 units in March compared to 1,586 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 trend in new home starts decreased slightly from the previous month. Full-time employment has been decreasing since last fall which has decreased demand for new home starts. Ground-oriented housing remained the most popular choice. In particular, the majority of the housing starts were single-detached homes," said Edgard Navarrete, CMHC's Market Analyst for St. Catharines-Niagara.

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 SAAR of total housing starts was 1,175 in March, up from 838 in February. Very cold temperatures in February stalled new home starts. Builders lost several days because of the weather. In March, new housing starts rebounded as temperatures increased.

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.

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)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1001241e.pdf

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