Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 09, 2014 08:15 ET

May 2014 Housing Starts in St. Catharines-Niagara

TORONTO, ONTARIO--(Marketwired - June 9, 2014) - Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending lower at 1,210 units in May compared to 1,263 in April, 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 slightly lower trend for starts in May remains above the historical average for this decade. Actual starts for May 2014 and year-to-date were up from a year ago is attributable to a tighter resale market in which choices were limited. The greater gains posted in multi-density family homes than in single-detached homes shows that the more affordable home types were more popular," said Alberto Mendoza, CMHC`s Market Analyst.

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 1,089 in May, down from 1,151 in April.

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.

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Un graphique et des tableaux sont disponibles à l'adresse suivante : http://media3.marketwire.com/docs/950761a.pdf

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