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Housing Starts Decline 12.3 Per Cent in February

OTTAWA, Ontario, March 8, 2002 — The seasonally adjusted annual rate* of housing starts in Canada declined 12.3 per cent in February to 179,800 units from 205,100 units in January, according to Canada Mortgage and Housing Corporation (CMHC).

Urban singles were up 11.6 per cent to an annual rate of 99,700 units from 89,300 in January while urban multiple starts fell 37.3 per cent to an annual rate of 60,100 units from 95,800. Estimated rural starts remained at a seasonally adjusted annual rate of 20,000 units.

"Despite the drop in the annual rate of housing starts in February, activity remains quite strong. In fact, the annual rate of single-detached starts is the highest since March 1990," said Michel Laurence, senior advisor of economic and housing analysis at CMHC's Market Analysis Centre. "Low mortgage rates are stimulating demand for housing and given the limited number of listings in the existing home market, many home buyers are looking for new homes."

Actual urban housing starts for January and February this year are 27.3 per cent higher than for the same periosd last year, 20,667 units compared with 16,233 units. The single detached market increased 26.2 per cent while multiples increased 28.4 per cent.

*Most starts figures in this release are seasonally adjusted annual rates (SAAR), that is, actual monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect an annual pace.

Information:
Michel Laurence
CMHC
(613) 748-2737
mlaurenc@cmhc-schl.gc.ca

 

Housing starts actual and seasonally adjusted annual data

 

January 2002
final

February 2002
preliminary

Province

Actual

Saar

Actual

Saar

Newfoundland

51

1,300

32

2,100

Prince Edward Island

3

200

6

400

Nova Scotia

310

4,000

122

2,500

New Brunswick

61

1,100

45

1,600

Quebec

1,684

32,700

1,604

30,900

Ontario

6,087

94,300

3,992

74,400

Manitoba

78

1,500

92

1,900

Saskatchewan

131

2,100

120

2,100

Alberta

1,974

28,800

1,911

28,200

British Columbia

1,310

19,100

1,054

15,700

TOTAL (+10,000 pop.)

11,689

185,100

8,978

159,800

Other area estimates
(less than 10,000 pop.)

752

20,000

631

20,000

Canada

12,441

205,100

9,609

179,800


Canadian Housing Starts Chart February

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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