June 2015 Housing Starts in Kingston
TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 518 units in June compared to 694 in May, 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.
"Housing starts trended down for the month of June mainly due to fewer apartments compared to the previous month. The trend for single-detached homes has been decreasing with more ground oriented housing taking place in the sub-markets surrounding Kingston as prices in the core tend to exceed the prices in the periphery." said Aris Gianneskis, Market Analyst for Kingston.
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 498 units in June down from 1,723 in May, mainly due to no apartment starts in the month of June. After a slow start to the year, single-detached homes experienced a particularly strong month as they exceed the ten year average on a seasonally adjusted basis. Of particular interest is the activity for the sub-market of South Frontenac, which on a year-to-date basis, is above the average of the last five years.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
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.
Follow CMHC on Twitter @CMHC_ca.
(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.
Additional data is available upon request.
(Ce document existe egalement en francais)
A table and a graph are available at the following address: http://media3.marketwire.com/docs/1016382e.pdf
FOR FURTHER INFORMATION PLEASE CONTACT: