TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 3,257 units in October, remaining stable compared to 3,293 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.
"While the trend in Hamilton total housing starts remained unchanged in October 2014, strength varied by dwelling type. A tight resale market, with listings of affordable homes in short supply, is encouraging home buyers to buy new. Townhouse starts were up for the sixth consecutive month in October, indicating that those buying in the affordable price ranges are turning to this more affordable ground-oriented home type in the new home market," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
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 2,166 units in October, down from 4,759 units in September. This month's decline in the SAAR measure was mainly due to fewer apartment starts. Year-to-date, apartment starts were 460 units, down 30 per cent compared to the first ten months of 2013.
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.
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