St. John’s Real Estate Housing Starts for March 2014

April 8, 2014 · Filed Under CMHC Reports 

Housing starts in the St. John’s Real Estate Market were trending at 1,587 units in March compared to 1,842 in February 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.

“Residential construction activity in St. John’s trended lower in March,” said Chris Janes, Senior Market Analyst with CMHC’s Atlantic Business Centre. “The downward trend can be attributed to a slower rate of economic growth than has been seen in recent years and has impacted both single- detached and multiple starts in 2013,” added Janes.

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 298 units in March compared to 1,891 in February.

(Source: CMHC http://www.cmhc-schl.gc.ca/odpub/press/2014/2014_04_08_0945_ENL.pdf)

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