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Housing Starts Increased 10.9 Per Cent in March

OTTAWA, Ontario, April 9, 2002 — The seasonally adjusted annual rate* of housing starts in Canada increased 10.9 per cent in March to 199,800 units from 180,100 units in February, according to Canada Mortgage and Housing Corporation (CMHC).

Urban singles were up 3.4 per cent to an annual rate of 103,200 units in March from 99,800 in February while urban multiple starts rose 27.0 per cent to an annual rate of 76,600 units from 60,300. Estimated rural starts remained at a seasonally adjusted annual rate of 20,000 units.

"The residential construction industry is responding to strong demand for new housing due to low mortgage rates, and an improving economy," said Michel Laurence, Chief Economist at CMHC's Market Analysis Centre. "In fact, the new home market is taking its cue from the resale home market which has been very active over the last several months. Faced with sellers' market conditions (where buyers out-number sellers providing the latter with added leverage) in the resale home market in many urban areas, buyers are diverting their attention toward the new home market."

Actual urban housing starts for January to March this year are 31.2 per cent higher than for the same period last year, 32,571 units compared with 24,823 units. The single detached market increased 32.5 per cent while multiples increased 29.9 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 on this release:

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

For information on:

Atlantic provinces: Ralph Freeze,
CMHC,
(902) 426-8964,
rfreeze@cmhc-schl.gc.ca

Quebec: Kevin Hughes,
CMHC,
(514) 283-4488,
khughes@cmhc-schl.gc.ca

Ontario: Alex Medow,
CMHC,
(416) 218-3344,
amedow@cmhc-schl.gc.ca

Prairie provinces: Richard Corriveau,
CMHC,
(403) 515-3005,
rcorrive@cmhc-schl.gc.ca

British Columbia: Carl Gomez,
CMHC,
(604) 737-4067,
cgomez@cmhc-schl.gc.ca

HOUSING STARTS
ACTUAL AND SEASONALLY ADJUSTED ANNUAL DATA

  FEBRUARY 2002
FINAL
MARCH 2002
PRELIMINARY
PROVINCE ACTUAL SAAR ACTUAL SAAR
NEWFOUNDLAND 32 2,100 39 1,500
PRINCE EDWARD ISLAND 6 400 15 500
NOVA SCOTIA 122 2,500 98 2,200
NEW BRUNSWICK 45 1,600 81 3,500
QUEBEC 1,604 30,900 2,292 30,900
ONTARIO 4,002 74,600 5,290 80,600
MANITOBA 92 1,900 117 1,900
SASKATCHEWAN 120 2,100 82 1,300
ALBERTA 1,911 28,200 2,585 39,500
BRITISH COLUMBIA 1,049 15,800 1,300 17,900
TOTAL (+10,000 pop.) 8,983 160,100 11,899 179,800
OTHER AREA ESTIMATES
(Less than 10,000 pop.)
631 20,000 822 20,000
CANADA 9,614 180,100 12,721 199,800

Canadian Housing Starts Chart March 2002

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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