TORONTO, ONTARIO--(Marketwired - Nov. 7, 2016) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending up at 2,855 units in October compared to 2,668 units in September, 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 trend in Hamilton CMA total housing starts was up mostly due to a higher number of townhouse starts in October 2016 compared to the previous month. The trend in single-detached starts was practically unchanged in October," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "The trend for townhouse starts continued its upward trajectory in October, supported primarily by demand from price-sensitive buyers as townhouses are considered relatively more affordable."
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 standalone monthly SAAR was 3,155 units in October, up from 1,617 units in September. Similar to the trend measure, the October increase in the SAAR measure was mostly due to a higher number of townhouse starts compared to the previous month.
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.
(Ce document existe également en français)
To view the graph and tables associated with this release, please visit the following link: http://file.marketwire.com/release/ham_en.pdf