Housing starts in the St. Catharines-Niagara : Trending Down May 2013Housing starts in the St. Catharines-Niagara Census Metropolitan Area (CMA) were trending at 1,428 units in May compared to 1,481 in April, 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.
"Stronger employment in the last half of 2012 supported housing demand into 2013. However the trend in starts is beginning to ease to a sustainable level after the surge late last year," said Erica McLerie, CMHC's Senior Market Analyst.
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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.
The standalone monthly SAAR was 922 in May, down from 1,173 in April.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
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