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.

April Housing Starts for the St. John’s Area

May 10, 2011 · Filed Under CMHC Reports, St. John's Real Estate · Comments Off 

ST. JOHN’S, May 9, 2011 – Housing starts in the St. John’s region declined during the month of April, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). April’s housing starts totaled 71 units throughout the St. John’s area compared to 129 units in April  of 2010. There were five additional starts recorded in urban centres outside the St. John’s area, for a total of 76 urban housing starts across the province.

“New home construction activity slowed in April, with significant declines recorded in both single and multiple starts,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While housing starts are forecast to end the year down from 2010 levels, the trend to lower levels of activity is expected to moderate in the coming months,” added Janes.

In urban centres across Canada, total housing starts recorded in April were down 15 per cent to 13,528 units compared to last year’s total of 15,897. Single-detached starts declined 27 per cent to 5,382 units, while multiple starts decreased four per cent to 8,146 units in April. In the Atlantic region, 551 new units were started compared to 640 units during April 2010.

The complete CHMC Report can be found here.

Housing Starts Lower in February

March 10, 2008 · Filed Under Market Trends, St. John's Real Estate · Comments Off 

Release today from Canadian Mortgages and Housing Corporation.

Multiples Drag Total Housing Starts Lower in February

Urban housing starts were lower during the month of February, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). February’s total housing starts retreated 18 per cent, with 51 posted across provincial urban centres compared to 62 a year ago. All 51 starts were within the St. John’s region versus 61 last February, a decrease of 16 per cent.
However, starts of single-detached homes surged 135 per cent to 40 within St. John’s metro, while multiple starts sank 75 per cent to 11 after posting 44 in February of 2007.

“After beginning the year relatively strong, February’s decline in total urban housing starts was attributed to a lack of multiple housing construction,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “Despite February’s lack of multiple housing starts, a surge in the single-detached segment is a positive signal and the expectation is that 2008 will be a solid year for residential construction activity,” added Janes. For Canada’s urban centres, total housing starts surged 42 per cent to 13,436 in February compared to February of 2007. Single-detached starts fell five per cent to 4,203, while multiple starts of 9,233 represent a lofty 84 per cent increase over last year.