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

April 8, 2014 · Filed Under CMHC Reports · Comments Off 

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)

December 2012 Housing Starts in St. John’s Newfoundland (CMHC report)

January 9, 2013 · Filed Under CMHC Reports · Comments Off 

Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 2,225 units in December, 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 2,182 units in December, upfrom 2,150 in November.

“For 2012, single starts were flat while multiple starts advanced considerably, resulting in a 12 per cent increase in total new home construction activity throughout the St. John’s area. Growth in population, income and employment, paired with favourable mortgage rates, supported housing demand throughout the year,” 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, 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.

Single-detached starts added 120 actual units in December compared to 104 units a year ago. Multiple starts totalled 70 actual units in December versus 27 units in December of 2011. For 2012, total starts reached 2,153 actual units, with 1,292 singles and 861 multiples. Overall, total starts were 12 per cent ahead of 2011’s pace.

October 2012 Housing Starts in St. John’s

November 8, 2012 · Filed Under CMHC Reports, St. John's Real Estate · Comments Off 

Housing starts in the St. John’s Real Estate market, Census Metropolitan Area (CMA) were trending at 2,260 units in October, 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 standalone monthly SAAR was 1,670 units in October, down from 2,122 in September.
After ten months, multi-family starts have risen substantially from the previous year,  contributing to the overall increase in total new home construction activity throughout the St.  John’s area. Favourable mortgage rates, income and employment growth, and positive migration flows  have supported housing 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 104 actual units in October compared to 111 units a year ago. Multiple starts totalled 42 actual units in October  versus 29 units in October of last year. Year-to-date total starts have reached 1,776 actual units, with 1,069 singles and 707 multiples. Overall, total starts this year remain 12 per cent ahead of last year’s pace.

September 2012 Housing Starts for the St. John’s Real Estate Market

October 9, 2012 · Filed Under CMHC Reports · Comments Off 

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 versus 124 during September 2011.  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 13 percent ahead of the pace set last  year.

June Housing Starts in the St. John’s Area

July 11, 2012 · Filed Under CMHC Reports, New Home Construction · Comments Off 

Released yesterday from CMHC –  Housing starts in the St. John’s region decreased during the month of June, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totalled 237 units throughout the St. John’s area compared to 278 units in June 2011. Year-to-date starts are up 15 per cent to 931 units.
Single-detached and multiple unit construction activity both declined throughout the St. John’s area in June. There were 64 multiple units recorded versus 85 a year ago, while single-detached starts decreased ten per cent to 173 units compared to 193 last June. “Despite slower new home construction activity in June, solid economic and demographic fundamentals continue to support the local housing market,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.
In urban centres across Canada, total housing starts recorded in June were up 12 per cent to 18,144 units compared to 16,244 a year ago. Single-detached starts decreased five per cent to 6,923 units, while multiple starts increased 25 per cent to 11,221 units in June. In the Atlantic region, 1,121 new homes were started compared to 1,055 during June 2011.

March Housing Starts in the St. John’s Real Estate Area

April 11, 2012 · Filed Under CMHC Reports · Comments Off 

According to CMHC, housing starts in the St. John’s region decreased during the month of March, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). March’s housing starts totalled 57 units throughout the St. John’s area compared to 84 units in March 2011. For the first quarter of 2012, starts were up 19 per cent to 287 units.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s area in March. Multiple starts caused the overall decline, with 16 units recorded versus 42 a year ago, while single-detached starts were flat with 41 units recorded. “While multiple starts declined, solid economic and demographic fundamentals continued to support the local housing market during March,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in March were up 18 per cent to 13,761 units compared to 11,655 a year ago. Single-detached starts increased 11 per cent to 4,030 units, while multiple starts increased 21 per cent to 9,731 units in March. In the Atlantic region, 333 new units were started compared to 271 during March 2011.

The full press release can be found here.

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