OTTAWA, Ontario, February 08, 2012 — The seasonally adjusted annual rate1 of housing starts was 197,900 units in January, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 199,900 units in December 2011.
“The slight decrease posted in January was attributable to a decrease in Quebec and in Atlantic Canada”, said Mathieu Laberge, Deputy Chief Economist at CMHC’s Market Analysis Centre. “The multiple starts segment accounted for most of the reduction in those two regions.”
The seasonally adjusted annual rate of urban starts decreased by 2.8 per cent to 176,600 units in January. Urban single starts decreased by 7.8 per cent in January to 64,900 units, while multiple urban starts were slightly up by 0.4 per cent to 111,700 units.
January’s seasonally adjusted annual rate of urban starts decreased by 35.4 per cent in Atlantic Canada, and by 34.4 per cent in Québec. Urban starts increased by 28 per cent in British Columbia, by 11.1 per cent in Ontario, and by 2.3 per cent in the Prairies.
Rural starts2 were estimated at a seasonally adjusted annual rate of 21,300 units in January.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
For more information, call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at www.cmhc.ca/housingmarketinformation.
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. By removing seasonal ups and downs, seasonal adjustment makes it possible to highlight the fundamental trends of a series. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
2 CMHC estimates the level of starts in centres with a population of less than 10,000 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 these centres and revises the estimate.
Information on this release:
Charles Sauriol
CMHC Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca
| Actual | SAAR | |||
|---|---|---|---|---|
| January 2011 |
January 2012 |
December 2011 |
January 2012 |
|
| Revised | Preliminary | Revised | Preliminary | |
| Canada, all areas | 10,634 | 12,950 | 199,900 | 197,900 |
| Canada, rural areas | 811 | 730 | 18,300 | 21,300 |
| Canada, urban centres** | 9,823 | 12,220 | 181,600 | 176,600 |
| Canada, singles, urban centres | 3,547 | 3,596 | 70,400 | 64,900 |
| Canada, multiples, urban centres | 6,276 | 8,624 | 111,200 | 111,700 |
| Atlantic region, urban centres | 500 | 440 | 13,000 | 8,400 |
| Quebec, urban centres | 2,516 | 1,712 | 43,000 | 28,200 |
| Ontario, urban centres | 3,299 | 5,626 | 69,600 | 77,300 |
| Prairie region, urban centres | 1,617 | 2,397 | 34,900 | 35,700 |
| British Columbia, urban centres | 1,891 | 2,045 | 21,100 | 27,000 |
| Source: CMHC *Seasonally adjusted annual rates **Urban centres with a population of 10,000 and over. Detailed data available upon request. |
||||
Archive: /mortgage-news/archive/2012/2012-02-08_CMHC-january_2012_housing_starts.stm
News source: Canada Mortgage and Housing Corporation (CMHC)
TORONTO, Ontario, February 07, 2012 — Decades may separate Canada's younger generation from Boomers, but some of the attitudes of both age groups toward retirement and balancing financial priorities are strikingly similar, according to RBC's 22nd Annual RRSP Poll.
The vast majority of Canadians aged 18-34 and 55-69 say if they were to outlive their savings in retirement, the idea that their families would step in to take care of them would not be very appealing (82 per cent and 91 per cent, respectively). Similarly, a majority in each age group (78 per cent and 72 per cent) worry about balancing saving for immediate priorities with putting money aside for the longer term or retirement.
Where a gap still exists between these two generations is in financial planning:
"We always advise our clients to have a written plan, as this allows them to map out their progress and then take action," advised Jason Round, head of Financial Planning Support, RBC Financial Planning. "If you have a written plan, you also can share it with a financial planner or advisor and revise it as your goals change."
As the annual RRSP contribution deadline approaches, making plans for the future is more top of mind for both younger and older Canadians, but those aged 18-34 still trail Boomers in RRSP ownership and contribution rates. While 43 per cent of younger Canadians now hold RRSPs, this number still lags behind the 69 per cent of Boomers with RRSPs. Also, only 16 per cent of the younger RRSP holders are planning to maximize their RRSP contributions by this year's February 29, 2012 deadline; that percentage almost doubles (31 per cent) for older Canadians.
"We know it's difficult for younger Canadians to think about a time when they will stop working and they'll be looking to their RRSPs for income," noted Round. "Retirement seems like a very remote concept when you're just beginning your career, buying a home or starting a family. What both younger and older Canadians can visualize, however, is a future they hope to enjoy on their own terms. Building up an RRSP now - even with very small contributions - can help ensure that future."
Archive: /mortgage-news/archive/2012/2012-02-07_RBC-canadians_young_old_financial.stm
News source: Royal Bank of Canada
TORONTO, Ontario, February 06, 2012 — The Toronto Real Estate Board (TREB), Canadian Real Estate Association (CREA) and four other major real estate boards across Canada have developed a new system to measure and provide clarity on home prices and home price growth: the MLS® Home Price Index (MLS® HPI).
The MLS® HPI is calculated using a sophisticated statistical model that is a hybrid of both the repeat sales and hedonic price approaches. The MLS® HPI takes into account a home’s quantitative attributes (e.g. the number of rooms it has; square footage etc.) and qualitative attributes (e.g., whether it has a finished basement, a view etc.).
The MLS® HPI approach provides a less volatile measure of price than averages and medians, which can swing dramatically in response to changes in the mix of home sales from one time period to the next (see Chart 1 on Page 2 of this release for a visual comparison).
Each month, there will be two key outputs published using the MLS® HPI:
In the coming months, TREB will publish an increasing amount of data and analysis based on the MLS® HPI in its monthly Market Watch publication in a new section called “Focus on the MLS® Home Price Index”. Eventually, the MLS® HPI will become TREB’s headline price number for release and reporting. However, traditional average and median calculations will continue to be published in the Market Watch.
“The Toronto Real Estate Board is extremely excited to be launching the MLS® HPI. This new approach will provide clarity for the consumer and prove to be a major improvement over any other method to measure home prices and home price change available in the marketplace today. I look forward to discussing the many benefits and uses of the MLS® HPI in the coming months,” said TREB President Richard Silver.
More information about the MLS® HPI can be found in the TREB-specific tables and charts on Page 2 of this release, the Backgrounder beginning on Page 3 of this release and at www.homepriceindex.ca.
Archive: /mortgage-news/archive/2012/2012-02-06_TREB-gta_realtorsreg_introduce_mlsreg.stm
News source: Toronto Real Estate Board