TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - Housing
starts in Hamilton Census Metropolitan Area (CMA) were trending down at 3,617
units in January compared to 3,833 units in December, 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 entirely due to
fewer multi-unit housing starts in January 2017 compared to the previous month.
The trend in single-detached housing starts was up but not enough to completely
offset the decline in multi-unit housing starts," said Abdul Kargbo, CMHC's
Senior Market Analyst for Hamilton and Brantford CMAs. "The trend in multi-unit
housing starts reached a record level in 2016, reflecting strong first-time
buyer demand. The record housing starts in 2016 will likely result in fewer
multi-unit housing starts in 2017 as the number of units currently under
construction is at an elevated level."
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 2,978 units in January, down from 9,543 units
in December. The January decrease in the SAAR measure was due to fewer
single-detached, townhouse and apartment starts compared to December.
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