Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2016 08:15 ET

September 2016 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwired - Oct. 11, 2016) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 2,662 units in September compared to 3,064 units 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) of housing starts.

"The trend in Hamilton CMA total housing starts was down due to a broadly based slowdown in the trends for starts of single-detached and semi-detached homes as well as apartments in September 2016 compared to the previous month. The trend in townhouse starts was unchanged in September," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "The trend for townhouse starts has been rising steadily in 2016, 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 1,629 units in September, down from 2,140 units in August. The September decrease in the SAAR measure was due to fewer housing starts among all dwelling types, with the exception of townhouses.

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.

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A graph and tables are available at the following link: http://media3.marketwire.com/docs/1071979e.pdf.

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