Wednesday 8 June 2016

May 2016 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwired - June 8, 2016) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending at 2,532 units in May compared to 2,544 units in April, 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 practically unchanged as gains in other dwelling types offset the decline in apartment starts. The trend in townhouses was particularly strong in May, reaching its highest level since December 2014," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs. "Strong first-time homebuyer demand continued to support townhouse construction, as these types of dwellings are considered relatively more affordable in Hamilton."

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 2,357 units in May, up from 2,030 units in April. May's increase in the SAAR measure was mostly due to a higher number of townhouse starts compared to April.

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.

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