Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2015 08:15 ET

September 2015 Housing Starts in St. John's

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct. 8, 2015) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 815 units in September compared to 779 in August 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 trend in new home construction activity improved slightly in September, but the actual level of construction declined throughout the St. John's area. Total housing starts were six per cent lower compared to a year ago, with 67 single-detached housing starts and nine multiple starts," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre. "Actual Starts are down 20 per cent year-to-date as the market continues to be pressured by weaker housing demand tied to slower economic growth," added Janes.

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 standalone monthly SAAR was 788 units in September compared to 966 in August.

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.

Follow CMHC on Twitter @CMHC_ca

1All 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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To view the graph and tables associated with this release, please visit the following link:

http://media3.marketwire.com/docs/1027752e.pdf

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