Real Estate — November 8, 2012

October 2012 Housing Starts in Hamilton CMA

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2012) - Housing starts in Hamilton, Census Metropolitan Area (CMA) were trending at 2,384 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) 1 of housing starts. The standalone monthly SAAR was 1,781 units in October, down from 2,758 units in September.

"Total housing starts in October 2012 were pulled down by the multiple-housing segment. Single-detached housing starts, which are less volatile and therefore a better indicator of the trend in construction activity, were higher than they were in October 2011.The strong performance in single-detached construction activity this October indicated that housing market conditions in the Hamilton CMA remained relatively healthy," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.

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.

Semi-detached starts increased in October 2012 while row and apartment starts were lower than the number of units reported in October of last year. Year-to-date, total housing starts have reached 2,565 actual units, up from 1,926 units tallied in the first ten months of 2011. On a sub-market basis, between January and October 2012, total housing starts in Burlington and the City of Hamilton were higher than they were during the same ten-month period in 2011. Meanwhile, residential construction activity in Grimsby remained below last year's level.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

(Ce document existe également en français)

A graph is available at the following address: http://media3.marketwire.com/docs/hama1108.pdf

Preliminary Housing Start Data
October / 2011-2012
Hamilton, CMA1 October 2011 October 2012
Actual
October - Single-Detached 113 121
October - Multiples 152 22
October - Total 265 143
January to October - Single-Detached 1146 1194
January to October - Multiples 780 1371
January to October - Total 1926 2565
September 2012 October 2012
SAAR2
Total 2758 1781
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.
Hamilton Preliminary Actual Housing Start Data by Type
October / 2011-2012
Hamilton, CMA1 Single Semi Row Apt
Total
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
Sub-markets within the CMA
Burlington 40 25 0 2 12 0 75 0 127 27
City of Hamilton 70 96 2 2 63 18 0 0 135 116
Grimsby 3 0 0 0 0 0 0 0 3 0
Sub-markets outside the CMA
Halton Hills 4 14 4 0 13 0 0 0 21 14
Milton 103 74 10 0 0 182 96 0 209 256
Oakville 18 45 0 12 41 0 0 254 59 311
Total Hamilton CMA Starts 113 121 2 4 75 18 75 0 265 143
Hamilton Preliminary Actual Housing Start Data by Type
January to October / 2011-2012
Hamilton, CMA1 Single Semi Row Apt
Total
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
Sub-markets within the CMA
Burlington 305 100 4 2 43 90 150 338 502 530
City of Hamilton 761 1063 4 90 389 673 95 108 1249 1934
Grimsby 80 31 0 0 95 70 0 0 175 101
Sub-markets outside the CMA
Halton Hills 70 140 6 0 22 25 0 0 98 165
Milton 723 589 44 116 251 1021 312 152 1330 1878
Oakville 417 220 32 20 313 346 0 522 762 1108
Total Hamilton CMA Starts 1146 1194 8 92 527 833 245 446 1926 2565

1 Census Metropolitan Area

Contact Information

Market Analysis Contact:
Canada Mortgage and Housing Corporation
Edward Heese
416-218-3369
akargbo@cmhc.ca

Media Contact:
Canada Mortgage and Housing Corporation
Beth Bailey
416-218-3355
bbailey@cmhc.ca

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