September Housing Starts Trend Higher Again

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 10/11/16 -- Housing starts in Prince Edward Island's urban areas were trending at 545 units in September compared to 472 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) of housing starts.

"Housing starts across Prince Edward Island's urban centres trended higher for the sixth consecutive month in September," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "This reflects the growing demand for new homes in the province and mirrors the improving resale market," added Teakles.

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 619 units in September, down from 783 in August.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request.

(Ce document existe egalement en francais)

To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/PEStartsPRSeptember2016EN.pdf

Contacts:
Media Contact:
Patricia Montreuil
506-851-2229
Cell: 506-875-8895
[email protected]

Source: Canada Mortgage and Housing Corporation

You May Also Be Interested In

• American Resources set to join Russell 3000 and Russell Microcap indexes
• Nevada Lithium Announces Proposed Extension of Warrant Expiry Date
• EAN Congress: Hearing aid use linked to 23% lower dementia risk in people with both epilepsy and hearing loss