News Column

May 2014 Housing Starts in Hamilton CMA

June 9, 2014

TORONTO, ONTARIO--(Marketwired - June 9, 2014) - Housing starts in Hamilton Census Metropolitan Area (CMA) were trending up at 2,727 units in May compared to 2,289 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)(1) of housing starts.

"Both the trend and the more volatile SAAR measures of housing starts in Hamilton CMA increased in May 2014. Residential construction was up across all dwelling types. This May marked the highest number of monthly townhouse stars since September 2004. Single-detached housing starts recorded their highest monthly level since April 2012. An improving economy, low mortgage rates, and better weather conditions continue to support housing demand and residential construction in Hamilton," 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 5,334 units in May, up from 2,373 units in April.

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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

(Ce document existe egalement en francais)

(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.

Tables and a graph are available at the following address:

FOR FURTHER INFORMATION PLEASE CONTACT: Market Analysis Contact: Abdul Kargbo 416-250-3294 Media Contact: Beth Bailey 416-218-3355 Source: Canada Mortgage and Housing Corporation

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Source: Marketwire (Canada)

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