Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 10, 2012 08:15 ET

November 2012 Housing Starts in Kingston

OTTAWA, ONTARIO--(Marketwire - Dec. 10, 2012) - Housing starts in Kingston, Census Metropolitan Area (CMA) were trending at 1,142 units in November, 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 standalone monthly SAAR was 571 units in November down from 755 in October.

"In November, single-detached starts were higher than the same month a year ago, while multiple family homes saw a decrease over the same period. However, year-to-date multiples have had a strong year, posting an almost 50 per cent increase over 2011 numbers. Notably, the number of townhouse starts to November was up when compared to a year earlier. Townhomes remained an affordable entry point for first-time homebuyers," said Andrew Scott, Market Analyst for Kingston.

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.

"Despite the results in November, single-detached starts so far this year have been lower compared to last year. This and the strong numbers for multiples starts illustrate a composition shift in the Kingston new home market towards smaller living spaces," concluded Scott.

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.

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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Preliminary Housing Start Data
November / 2011-2012
Kingston, CMA1 November 2011 November 2012
November - Single-Detached 50 53
November - Multiples 24 4
November - Total 74 57
January to Nov. - Single-Detached 438 412
January to Nov. - Multiples 288 425
January to Nov. - Total 726 837
October 2012 November 2012
Total 755 571
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.

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