OTTAWA, ONTARIO--(Marketwire - Oct. 9, 2012) - Housing starts in Kingston, Census Metropolitan Area (CMA) were trending at 1,033 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)(1) of housing starts. The standalone monthly SAAR was 2,624 units in September up from 528 in August.
"In September, both single-detached and multi-family starts have risen from the previous year. Worthy of note this month is the strength of multifamily housing starts, capturing eighty percent of total starts in Kingston CMA. Year-to-date full-time employment gains support construction in the region," said Sandra Pérez Torres, Senior Market Analyst for Eastern and Northern Ontario.
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.
"One of the lowest vacancy rates among Ontario's major centres and stability of youth employment encouraged developers to start the construction of 178 rental apartments in Kingston City. In addition to the apartment construction, 4 townhomes and 46 single-detached dwellings were started, raising year-to-date totals 23 per cent higher than the same period a year earlier," concluded Pérez Torres.
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 | ||||
| September / 2011-2012 | ||||
| Kingston, CMA(1) | September 2011 | September 2012 | ||
| Actual | ||||
| September - Single-Detached | 37 | 46 | ||
| September - Multiples | 4 | 182 | ||
| September - Total | 41 | 228 | ||
| January to Sept. - Single-Detached | 334 | 316 | ||
| January to Sept. - Multiples | 249 | 399 | ||
| January to Sept. - Total | 583 | 715 | ||
| August 2012 | September 2012 | |||
| SAAR(2) | ||||
| Total | 528 | 2,624 | ||
| Source: CMHC | |
| (1) | Census Metropolitan Area |
| (2) | Seasonally Adjusted at Annual Rates |
| Detailed data available upon request. | |
Contact Information:
Sandra Perez-Torres, Senior Market Analyst
613-748-5120
sperezto@cmhc.ca
National Media Contact:
Beth Bailey, Consultant, Communications and Marketing
(416) 218-3355
bbailey@cmhc.ca