CMHC January Housing Stats

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January’s Housing Starts Decline

OTTAWA, February 9, 2009 — The seasonally adjusted annual rate¹ of housing starts declined to 153,500 units in January from 172,200 units in December of 2008, according to Canada Mortgage and Housing Corporation (CMHC).

“To a certain extent, the decline in housing starts coincides with recent developments in the existing home market. Reduced sales and increased listings in the existing home market have led to reduced spillover demand in the new home market,” said Bob Dugan, Chief Economist.

The seasonally adjusted annual rate of urban starts decreased 15.6 per cent to 126,700 units in January. Urban multiple starts decreased 12.2 per cent to 76,700 units, while urban single starts fell 20.2 per cent to 50,000 units in January.

January’s seasonally adjusted annual rate of urban starts moderated in all of Canada’s five regions. Urban starts declined 8.6 per cent in Atlantic Canada, 1.4 per cent in Quebec, 14.6 per cent in Ontario, 30.3 per cent in the Prairies, and 29.1 per cent in British Columbia.

Rural starts were estimated at a seasonally adjusted annual rate of 26,800 units in January².

Actual starts in rural and urban areas combined decreased by an estimated 35.8 per cent in January this year compared to relatively high levels in January last year. Actual starts in urban areas have decreased by an estimated 40.4 per cent compared to the same month in 2008. Actual urban single starts for 2009 are 44.2 per cent lower than they were a year earlier while urban multiple starts are down 38.1 per cent.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

For more information, call 1-800-668-2642.

¹ All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) 1 that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

² CMHC estimates the level of rural starts for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in rural areas and revises the estimate.

Housing Starts, Actual and SAAR*
	Actual		SAAR
	January 2008	January 2009	December 2008	January 2009
	Final	Preliminary	Final	Preliminary
Canada, all areas	12,918	8,287	172,200	153,500
Canada, rural areas	765	1,043	22,100	26,800
Canada, urban centres**	12,153	7,244	150,100	126,700
Canada, singles, urban centres	4,505	2,512	62,700	50,000
Canada, multiples, urban centres	7,648	4,732	87,400	76,700
Atlantic region, urban centres	385	348	8,100	7,400
Quebec, urban centres	2,330	2,021	36,700	36,200
Ontario, urban centres	4,254	2,873	60,300	51,500
Prairie region, urban centres	2,881	1,077	25,100	17,500
British Columbia, urban centres	2,303	925	19,900	14,100

Source: CMHC
*Seasonally adjusted annual rates
** Urban centres with a population of 10,000 and over.
    Detailed data available upon request.

 

Published Monday, February 09, 2009 9:38 AM by Don Merrifield Jr. ABR