Construction/Building — November 8, 2012

October 2012 Housing Starts in Halifax

HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 8, 2012) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 3,742 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 7,063 units in October, up from 4,702 in September.

"Total residential housing starts in Halifax posted a significant increase last month as builders broke ground on 597 actual units," said Matthew Gilmore, CMHC`s Senior Market Analyst for Halifax. "The increase is largely attributed to a high level of multiple starts in October, specifically apartment-style rental unit construction," said Gilmore. "Real wage growth, positive net migration patterns and steady levels of employment continue to support demand for all types of housing in the city," added Gilmore.

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 90 actual units in October 2012 compared to 83 units last year. Multiple starts totalled 507 actual units in October compared to 45 units reported in October of last year. Year-to-date total starts have reached 2,504 actual units with multiple starts at 1,672 units and single starts at 832 units. After ten months of the year, total starts are above the level recorded last year.

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/HalifaxCMA.pdf

Preliminary Housing Start Data
October/ 2011-2012
Halifax, CMA(1) October 2011 October 2012
Actual
October - Single-Detached 83 90
October - Multiples 45 507
October - Total 128 597
January to October - Single- Detached 753 832
January to October - Multiples 1,567 1,672
January to October - Total 2,320 2,504
September 2012 October 2012
SAAR(2)
Total 4,702 7,063
Source: CMHC
(1)Census Metropolitan Area
(2)Seasonally Adjusted at Annual Rates
Detailed data available upon request.
Nova Scotia Preliminary Actual Housing Start Data
October / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 100,000+
Halifax CMA 83 90 45 507 128 597
Cape Breton RGM 16 11 30 10 46 21
Total Urban Starts(1) 164 124 90 522 254 646
Nova Scotia Preliminary Actual Housing Start Data
January - October / 2011-2012
Urban Centres Single-Detached Multiples Total
2011 2012 2011 2012 2011 2012
Urban Centres 100,000+
Halifax CMA 753 832 1,567 1,672 2,320 2,504
Cape Breton RGM 101 136 114 129 215 265
Total Urban Starts(1) 1,332 1,434 1,877 1,931 3,209 3,365

Contact Information

Market Analysis Contact:
Matthew Gilmore
902-426-4686
Cell: 902-499-4382
mgilmore@cmhc.ca

Media Contact:
Caroline Arsenault
902-426-8127
Cell: 902-452-4448
cmarsena@cmhc.ca

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