ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - June 8, 2016) - Housing starts in St. John's, Census Metropolitan Area (CMA) were trending at 749 units in May compared to 771 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) of housing starts.
While actual housing starts were slightly higher than in May 2015, the trend measure in housing starts continued slightly lower to the end May for the St. John's area. "In the absence of economic growth and increased uncertainty around the province's fiscal situation, single-detached new home construction activity is only slightly ahead of last year's tepid pace," said Chris Janes, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre.
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 standalone monthly SAAR was 939 units in May compared to 626 in April.
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.
Additional data is available upon request.
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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1058104E.pdf