Monday, 11 January 2016
December 2015 Housing Starts in Hamilton CMA
"The trend in Hamilton CMA total housing starts decreased slightly in December 2015, reflecting lower level of single-detached housing starts compared to the previous month," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "Overall, economic and demographic factors remain supportive of housing demand. The decline in new home construction in 2015 reflects inventory management by builders."
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 2,193 units in December, down from 2,431 units in November. December's decline in the SAAR measure was primarily due to fewer apartment starts compared to the previous month. Meanwhile, townhouse starts were up and partially offsetting the decline in apartment starts.
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.