Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in Sudbury

TORONTO, ONTARIO--(Marketwired - June 8, 2015) - Housing starts in the Greater Sudbury Census Metropolitan Area (CMA) were trending at 184 units in May compared to 245 units 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 higher number of townhomes started in May exceeded the ten year average however it was not enough to offset the continuing downward trend for both single and apartment starts in Greater Sudbury. In seasonally adjusted terms, housing construction in Sudbury picked up in May as more single-detached and townhomes were built. Recent positive news on the employment front as related to the mining sector is anticipated to have a pull forward effect in the months to come as some buyers who were sitting on the sidelines are expected to enter the market," said Aris Gianneskis, 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 200 in May compared to 33 in April due to more multiple starts in the month of May.

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)

A table and a graph are available at the following address: http://media3.marketwire.com/docs/1011294e.pdf

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