Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2017 09:05 ET

Multiples Starts Spearhead Construction

HALIFAX, NOVA SCOTIA--(Marketwired - Feb. 8, 2017) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 2,610 units in January 2017 compared to 2,653 in December 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.

"Multiples starts were exceptionally strong in Halifax in January," said Guillaume Neault, Principal Market Analyst, Atlantic. "Many more sites in the Halifax CMA are nearly ready to pour concrete, which will spur activity in the first quarter of 2017," 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 2,153 units in January 2017, down from 1,979 in December 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/1085276e.pdf

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