Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 09, 2012 08:39 ET

September 2012 Housing Starts in St. John's

ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - Oct. 9, 2012) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 2,386 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 2,137 units in September, down from 2,416 in August.

"After nine months, both single-detached and multi-family starts have risen from the previous year. Low mortgage rates, full-time employment gains, positive migration flows and a more balanced resale market have supported overall demand in 2012," said Chris Janes, CMHC's Senior Market Analyst for St. John's.

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, analyzing 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.

Single detached starts added 141 actual units in September 2012. Multiple starts totalled 58 actual units in September, with a similar number of units reported in September of last year. Year-to-date total starts have reached 1,630 actual units, with 965 singles and 665 multiple starts. Overall, total starts this year remain ahead of the pace set last year.

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
St. John's, CMA1 September 2011 September 2012
Actual
September - Single-Detached 124 141
September - Multiples 57 58
September - Total 181 199
January to September - Single Detached 959 965
January to September - Multiples 486 665
January to September - Total 1,445 1,630
August 2012 September 2012
SAAR2
Total 2,416 2,137
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.
Newfoundland Preliminary Actual Housing Start Data
Third Quarter / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 10,000 - 49,999
Bay Roberts CA 36 32 0 5 36 37
Corner Brook CA 33 33 0 41 33 74
Gander CA 26 23 44 12 70 35
Grand Falls/Windsor CA 30 28 13 8 43 36
Urban Centres 10,000 - 49,999 125 116 57 66 182 182
Newfoundland Preliminary Actual Housing Start Data
January to September / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 10,000 - 49,999
Bay Roberts CA 65 58 0 11 65 69
Corner Brook CA 47 46 4 41 51 87
Gander CA 59 35 70 26 129 61
Grand Falls/Windsor CA 45 38 24 24 69 62
Urban Centres 10,000 - 49,999 216 177 98 102 314 279

Contact Information

  • Market Analysis Contact:
    Canada Mortgage and Housing Corporation
    Chris Janes
    709-772-2403 or Cell: 709-743-4636
    cjanes@cmhc.ca

    Media Contact:
    Canada Mortgage and Housing Corporation
    Patricia Montreuil
    506-851-2229 or Cell: 506-866-8047
    pmontreu@cmhc.ca