TORONTO, ONTARIO--(Marketwired - July 11, 2016) - Housing starts in the Kingston Census Metropolitan Area (CMA) were trending at 361 units in June compared to 392 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) of housing starts.
"The trend in housing starts in Kingston decreased slightly for the month of June, as the increase in townhomes was not enough to offset the decrease in the trend for apartments and single-detached homes," said Aris Gianneskis, CMHC's Market Analyst for Kingston. "Activity in the new home market has levelled off as the gap between new and existing average home prices has widened resulting in increased demand for existing homes. Strong sales of existing homes coupled with fewer new listings has pushed the housing market in balanced territory."
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 428 units in June, up from 361 in May, as the rise in townhomes more than offset fewer single-detached housing starts.
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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1114a.pdf