Real Estate — November 8, 2012

October 2012 Housing Starts in Kingston

OTTAWA, ONTARIO--(Marketwire - Nov. 8, 2012) - Housing starts in Kingston, Census Metropolitan Area (CMA) were trending at 1,100 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 746 units in October down from 2,624 in September.

"In October, single-detached starts were lower than the same month a year ago. On the other hand, multiple starts this month were larger compared to one year ago. Notably the year-to-date multiple starts were significantly higher than the same period last year, mainly as a result of 329 rental apartments started this year," said Andrew Scott, Market Analyst for Kingston.

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.

"Positive net migration and improving economic conditions for young adults continue to support housing construction in Kingston, particularly within the apartment segment. In addition, low vacancy rates are signaling a tight rental market," concluded Scott.

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/cmatabeng1108.pdf

Preliminary Housing Start Data
October / 2011-2012
Kingston, CMA1 October 2011 October 2012
Actual
October - Single-Detached 54 43
October - Multiples 15 22
October - Total 69 65
January to Oct. - Single-Detached 388 359
January to Oct. - Multiples 264 421
January to Oct. - Total 652 780
September 2012 October 2012
SAAR2
Total 2,624 746
Source: CMHC
1 Census Metropolitan Area
2 Seasonally Adjusted at Annual Rates
Detailed data available upon request.

Contact Information

Canada Mortgage and Housing Corporation
Andrew Scott
Market Analyst
613-748-5129
alscott@cmhc.ca

Canada Mortgage and Housing Corporation
Kingston (French):
Sandra Perez-Torres
Senior Market Analyst
613-748-5120
sperezto@cmhc.ca

Canada Mortgage and Housing Corporation
National Media Contact:
Beth Bailey
Consultant, Communications and Marketing
(416) 218-3355
bbailey@cmhc.ca

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