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

January 9, 2013 · Filed Under CMHC Reports · Comment 

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.

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

December 10, 2012 · Filed Under St. John's Real Estate · 1 Comment 

Housing starts in St. John’s, Census Metropolitan Area (CMA) were trending at 2,215 units in November, 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 2,148 units in November, up from 1,659 in October.
“After eleven months, multiple starts have advanced considerably and supported the increase in total new home construction activity throughout the St. John’s area. Growth in population, income and employment, paired with favourable mortgage rates, has supported housing demand this 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, 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 103 actual units in November compared to 130 units a year ago. Multiple starts totalled 84 actual units in November versus 77 units in November of last year. Year-to-date total starts have reached 1,963 actual units, with 1,172 singles and 791 multiples. Overall, total starts this year remain ten per cent ahead of last year’s pace.

(source: http://www.cmhc-schl.gc.ca/odpub/press/2012/2012_12_10_0945_ENL.pdf)

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October 2012 Housing Starts in St. John’s

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

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.

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St. John’s Real Estate Market update via CMHC

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

Throughout the entire St. John’s real estate market, approximately 70 per cent of all new single-detached homes sold for more than $300,000 in the first quarter. The fastest growing segment of the market was in the $400,000 plus segment, which increased to 27 per cent of total new home sales from 20 per cent share a year ago.

Continued employment growth and a low interest rate environment in the quarter contributed to a marginal improvement in housing activity during the first quarter of 2012. New home construction and MLS® residential sales activity both increased compared to the first quarter of 2011. In terms of average house prices, growth continued in both the new and existing home markets. Overall, a strong local economy continued to support the St. John’s area housing market during the first three months of 2012.

Increased New Home Construction Activity

New home construction activity increased over last year throughout the St. John’s area during the first quarter and average prices advanced. Total housing starts were 287 versus 241 in 2011’s first quarter. There were only 142 single-detached starts, however, compared to 173 last year. This decline was offset by a sizeable increase in multiple starts, with 145 recorded during the first quarter compared to 68 a year ago. The multiple starts segment was led by 71 apartment condo starts and 64 apartment (basement) starts.  St. John’s real estate market had 164 starts versus 91 in 2011’s first quarter. Starts in Paradise increased 40 per cent, with 67 units versus 48 a year ago. Mount Pearl had ten housing starts compared to 20 during 2011’s first quarter; Conception Bay South (CBS) recorded 29 starts compared to 43 a year ago, for a decrease of 33 per cent; while housing starts in Torbay were down 77 per cent with three recorded compared to 13 during 2011’s first quarter.

The overall average new house price for the St. John’s real estate market was $354,438, an increase of 3.6 per cent compared to $342,113 recorded during the first quarter of 2011. Led by larger custom built homes, the average sale price was highest in Torbay at $425,751, up nine per cent. CBS posted an average new house price of $321,391 during the quarter, up 13 per cent; Paradise saw seven per cent decline to $338,745; Mount Pearl increased 13 per cent, with an average price of $304,574; St. John’s City posted an eight per cent increase to $374,473; while the remainder of the CMA decreased 1.6 per cent to $347,836.

MLS® Residential Market

There was a broader range of homes to choose from, with inventory up seven per cent in the first three months of the year. Listings remained on the market for an average of 73 days and average prices continued to show gains, with offers at approximately 98 per cent of asking price. For the St. John’s area, there were 1,664 new residential listings compared to 1,518 during the same period last year. Active listings averaged 1,622 this year versus 1,516 during the first quarter of 2011. The sales-to-active listings ratio indicated that 13 per cent of listings sold during the quarter compared to a similar
13.4 per cent during the same time last year.

MLS® Sales and Prices Increased

There was growth in both MLS® residential sales and prices during the first quarter. The number of MLS® sales increased 3.4 cent to 635 sales compared to 2011’s first quarter total of 614 units. The average MLS® residential price in the St. John’s CMA was 7.4 per cent higher than it was a year ago, at a record $277,698 compared to $258,668 during the first quarter of 2011. The average price continued to be supported by demand driven by local economic and demographic conditions.

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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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January Housing Starts for the St. John’s Area

March 5, 2012 · Filed Under CMHC Reports · Comments Off 

Just released from CMHC the January Housing Starts for the St. John’s Area.

Click here for the full PDF report

Housing starts in the St. John’s region increased during the month of January, according to preliminary data1 released today by Canada Mortgage and Housing Corporation (CMHC). January’s housing starts totaled 179 units throughout the St. John’s area compared to 105 units in January 2011. There were 12 additional starts in urban centres outside the St. John’s region, for a total of 191 provincial urban housing starts.

Single-detached and multiple unit construction activity were mixed throughout the St. John’s real estate area in January. Multiple starts led the increase, with 121 units recorded versus eight a year ago, while single-detached starts decreased 40 per cent to 58 units. “Lower single-detached construction activity in January was offset by significantly higher multiple starts, due to the recording of two condo apartment developments in the city,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

In urban centres across Canada, total housing starts recorded in January were up 24 per cent to 12,220 units compared to 9,823 a year ago. Single-detached starts increased one per cent to 3,596 units, while multiple starts increased 37 per cent to 8,624 units in January. In the Atlantic region, 440 new units were started compared to 500 during January 2011.

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CMHC Report: May Housing Starts for the St. John’s Area

June 8, 2011 · Filed Under CMHC Reports · Comments Off 

Housing starts in the St. John’s real estate market were flat during the month of May, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). May’s housing starts totaled 223 units throughout the St. John’s area compared to 215 units in May of 2010. There were ten additional starts recorded in urban centres outside the St. John’s area, for a total of 233 provincial urban housing starts. Year-to-date, urban starts are down 17 per cent, with 561 posted province-wide.
“Single-detached construction activity declined considerably in May, but was offset by a significant increase in multiple housing starts in the form of condos in St. John’s,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “The trend towards lower levels of construction activity continued, with the single-detached segment down 27 per cent compared to this time last year,” added Janes.
In urban centres across Canada, total housing starts recorded in May were down seven per cent to 15,025 units compared to 16,178 a year ago. Single-detached starts declined 23 per cent to 6,005 units, while multiple starts increased seven per cent to 9,020 units in May. In the Atlantic region, 848 new homes were started compared to 1,137 during May 2010.

A complete copy of the PDF report can be found here

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February Housing Starts for the St. John’s Area

March 8, 2011 · Filed Under CMHC Reports and St. John's Real Estate · Comments Off 

ST. JOHN’S, March 8, 2011 – Housing starts in the St. John’s real estate region decreased during the month of February, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC).

February’s housing starts totaled 52 units throughout the St. John’s area compared to 67 units in February of 2010. There were no additional starts recorded in urban centres outside the St. John’s area.
“New home construction activity took a breather during February, with starts down 22 per cent,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is retreating from recent highs, growth in employment, income and population is expected to support the local housing market again this year,” added Janes.

In urban centres across Canada, total housing starts recorded in February were down seven per cent to 9,900 units compared to last year’s total of 10,637. Single-detached starts declined 27 per cent to 3,300 units, while multiple starts increased eight per cent to 6,600 units in February. In the Atlantic region, 269 new units were started compared to 453 units during February 2010.

The full CMHC press release can be found here

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CMHC: August Housing Starts in St. John’s Newfoundland

September 9, 2010 · Filed Under CMHC Reports · Comments Off 

ST. JOHN’S, September 9, 2010 – Urban housing starts increased during the month of August, according to preliminary data released today by Canada Mortgage and Housing Corporation (CMHC). August’s housing starts totaled 179 throughout the St. John’s area versus 151 starts in August of 2009. There were 18 additional starts recorded outside the St. John’s area, for a total of 197 provincial urban starts compared to 190 last August. Year-to-date, starts remain positive, with 1,177 recorded in the St. John’s region versus 1,026 last year.
“The number of new homes started in August is in line with the current forecast and the expectation that new home construction will slow over the remainder of 2010,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “New home demand was steady during the first half of 2010, but will taper off in the coming months, due to recent price growth and record high home prices,” added Janes. In urban centres across Canada, total housing starts increased 12 per cent with 14,253 recorded in August compared to 12,734 during August of 2009.

Throughout Atlantic Canada, there were 847 urban housing starts posted versus 907 the previous August, a decrease of seven per cent.

The full press release can be found here.

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CMHC St. John’s Area June Housing Starts

July 13, 2010 · Filed Under CMHC Reports, Market Trends and New Home Construction · Comments Off 

Urban housing starts increased during the month of June, according to preliminary data released by Canada Mortgage and Housing Corporation (CMHC). June’s housing starts totaled 232  throughout the St. John’s area versus 183 starts in June of 2009. There were  53 additional starts recorded outside the St. John’s area, for a total of  285 provincial urban starts compared to 230 last June. “The number of new homes started in June represents a significant increase compared to June 2009. Year-to-date starts are up 25 per cent within the St. John’s region,  with 822 starts recorded during the January to June period,” said Chris  Janes, senior market analyst with CMHC in Newfoundland and Labrador. “Healthy economic and demographic trends have supported new home demand during the first half of 2010,” added Janes. In urban centres across Canada, total housing starts increased 31 per cent with 15,345 recorded in June compared to 11,686 during June of 2009. Throughout Atlantic Canada, there were 1,012 urban housing starts posted versus 904 the  previous June, an increase of 12 per cent.

Complete news release can be found here

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