Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 2,464 units in September compared to 2,487 in August 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 pace of housing starts in Halifax trended slightly lower in September," said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre.
"Year-to-date, residential construction activity in the city was supported by elevated levels of multi-family starts, more specifically apartment-style rental," added Neault. "Despite the sharp increase in multi-family starts, single-detached starts declined in the first three quarters of the year," said Neault.
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 standalone monthly SAAR was 3,629 units in September, up from 1,168 in August.
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.
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Preliminary Housing Starts data is also available in English and French at the following link:Preliminary Housing Starts Tables
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