October 2012 Housing Starts in Sudbury

Real Estate — November 8, 2012

THUNDER BAY, ONTARIO--(Marketwire - Nov. 8, 2012) - Housing starts in the Greater Sudbury, Census Metropolitan Area (CMA) were trending at 604 units in October, 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. The standalone monthly SAAR was 1,080 units in October, up from 401 in September.

"After ten months in 2012, single-detached starts continue to trail 2011 levels as do multi-family. Less-than-expected employment growth has been a key factor why single-detached construction has trailed off in Sudbury this year," noted Warren Philp, CMHC's Market Analyst for Sudbury.

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.

Sixty-eight multi-family units started in October combined with only twenty-seven single-detached starts. Year-to-date total starts have now reached 413 units with 163 of those units being semi-detached, row and or apartment units.

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.

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.

To view the figures associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/832795E.pdf

Additional data is available upon request.

(Ce document existe également en français)

Contact Information

Market Analysis Contact:
Warren Philp
807-343-2016
Cell: 807-627-1329
wphilp@cmhc.ca

Media Contact:
Beth Bailey, Consultant, Communications and Marketing
416-218-3355
Cell: 416-988-4615
bbailey@cmhc.ca

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