TORONTO, ONTARIO--(Marketwire - Oct. 9, 2012) - Housing starts in St. Catharines-Niagara, Census Metropolitan Area (CMA) were trending at 1,051 units in September, 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 1,549 units in September, up from 787 in August.

"The first apartment starts in the CMA in 2012 occurred in September," said Paul Tessaro, CMHC's Market Analyst for St. Catharines-Niagara. "Construction was also up for every housing type and up in most submarkets of the CMA. Nevertheless, by the end of the third quarter of 2012, housing starts were still lower than they had been in the same period of 2011."

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.

Single-detached starts added 52 actual units in September 2012. Multiple starts totalled 78 actual units in September. Year-to-date starts have reached 724 actual units, with single-detached construction representing slightly under two thirds of all starts. Starts in West Lincoln and Grimsby are down in 2012 in a fairly similar magnitude to the submarkets within the CMA.

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.

(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.

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Contact Information:

Information on this release:
Market Analysis Contact:
Paul Tessaro

Media Contact:
Beth Bailey