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Housing Starts Strong in January

OTTAWA, Ontario, February 08, 2007 — The seasonally adjusted annual rate1 of housing starts was 249,300 units in January, up from 212,600 units in December, according to Canada Mortgage and Housing Corporation (CMHC).

“Historically low mortgage rates, solid employment and income growth, and a high level of consumer confidence continue to support residential construction activity,“ said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The volatile multiples segment bounced back in January, accounting for most of the growth this month. Although housing starts are expected to ease to 209,500 units in 2007, they will remain above the 200,000 mark for the sixth consecutive year.”

January’s seasonally adjusted annual rate of urban starts of 216,300 units was up 19.2 per cent from December. Urban multiples surged 31.4 per cent to 124,300 units in January, while singles jumped 5.9 per cent to 92,000 units.

Urban starts in January rebounded in all regions, with urban multiple starts growing at a double-digit pace. Urban singles starts were up overall, but declined in Quebec and British Columbia. The Atlantic region experienced the largest percentage increase in urban starts at 36.2 per cent

Rural starts in January were estimated at a seasonally adjusted annual rate of 33,000 units.

Compared to January 2006, actual starts in both rural and urban areas increased an estimated 12.2 per cent in January 2007 while actual starts in urban areas only were up an estimated 11.9 per cent. Actual single starts in urban areas were 14.3 per cent lower in January 2007 than they were a year earlier, with all regions showing a decline. Actual urban multiple starts in January 2007 were up 37.7 per cent over January 2006.

Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality 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) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

Information on this release:

Bob Dugan
CMHC
613-748-4009
bdugan@cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces
Alex MacDonald
CMHC
902-426-8964
amacdona@cmhc-schl.gc.ca

Quebec
Kevin Hughes
CMHC
514-283-4488
khughes@cmhc-schl.gc.ca

Ontario
Ted Tsiakopoulos
CMHC
416-218-3407
ttsiakop@cmhc-schl.gc.ca

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

British Columbia
Carol Frketich
CMHC
604-737-4067
cfrketic@cmhc-schl.gc.ca

Housing Starts in Canada - All areas

Housing Starts, Actual and SAAR*

Actual
SAAR
January
2006
January
2007
December
2006
January
2007
Final
Preliminary
Final
Preliminary
Canada, all areas
13,379
15,009
212,600
249,300
Canada, rural areas
1,275
1,465
31,100
33,000
Canada, urban centres**
12,104
13,544
181,500
216,300
Canada, singles, urban centres
6,002
5,143
86,900
92,000
Canada, multiples, urban centres
6,102
8,401
94,600
124,300
Atlantic region, urban centres
548
495
6,900
9,400
Quebec, urban centres
2,237
2,391
40,200
42,200
Ontario, urban centres
4,538
4,438
61,100
76,700
Prairie region, urban centres
2,624
3,609
43,400
52,700
British Columbia, urban centres
2,157
2,611
29,900
35,300

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

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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