Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

December 10, 2012 08:15 ET

November 2012 Housing Starts in Sudbury

THUNDER BAY, ONTARIO--(Marketwire - Dec. 10, 2012) - Housing starts in the Greater Sudbury, Census Metropolitan Area (CMA) were trending at 689 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 990 units in November, down from 1,073 in October.

"November new construction in Sudbury was boosted by 55 apartment units combined with six semi-detached units and a rather weak 21 single-detached home starts. There have been 495 year-to-date total starts in Sudbury to the end of November, down 14.4 per cent from the same eleven months last year. Weaker-than-expected employment growth has been a key factor limiting new single-detached construction in Sudbury this year," said Warren Philp, 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 multiples segment includes apartments, rows and semi-detached homes.

The 61 multi-family units started in November raise these types of starts up over the 200 mark for the fourth consecutive year in Greater Sudbury. The interest in higher density housing is linked with a relatively low vacancy rate and the relatively high cost of buying a single-detached home.

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.

(Ce document existe également en français)

A graph is available at the following address: http://media3.marketwire.com/docs/CMHC_Sudbury_ENG.pdf

Preliminary Housing Start Data
November / 2011-2012
Greater Sudbury, CMA1 November 2011 November 2012
Actual
November - Single-Detached 37 21
November - Multiples 64 61
November - Total 101 82
January to Nov - Single-Detached 306 271
January to November - Multiples 272 224
January to November - Total 578 495
October 2012 November 2012
SAAR2
Total 1,073 990
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.

Contact Information

  • Market Analysis Contact:
    Warren Philp
    807-343-2016
    Cell: 807-627-1329
    wphilp@cmhc.ca

    Media Contact:
    Beth Bailey
    Consultant, Communications and Marketing
    416-218-3355
    Cell: 416-988-4615
    bbailey@cmhc.ca