Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2016 08:15 ET

Multiples Sparks Construction in February 2016

HALIFAX, NOVA SCOTIA--(Marketwired - March 8, 2016) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 1,879 units in February 2016 compared to 1,676 in January 2016 according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The stock of unsold homes continued to subdue activity in the single-detached home market," said Guillaume Neault, Principal Market Analyst, Atlantic. "Strength in multiples construction this month spearheaded activity and is expected to continue over the course of 2016," added Neault.

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 3,444 units in February 2016, up from 520 in January 2016.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1045904e.pdf

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