ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - Oct. 9, 2012) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 2,386 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 2,137 units in September, down from 2,416 in August.

"After nine months, both single-detached and multi-family starts have risen from the previous year. Low mortgage rates, full-time employment gains, positive migration flows and a more balanced resale market have supported overall demand in 2012," said Chris Janes, CMHC's Senior Market Analyst for St. John's.

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, analyzing 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.

Single detached starts added 141 actual units in September 2012. Multiple starts totalled 58 actual units in September, with a similar number of units reported in September of last year. Year-to-date total starts have reached 1,630 actual units, with 965 singles and 665 multiple starts. Overall, total starts this year remain ahead of the pace set last year.

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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