HALIFAX, NOVA SCOTIA--(Marketwire - March 8, 2013) - Housing starts in Halifax, Census Metropolitan Area (CMA) were trending at 3,537 units in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)⁽¹⁾ of housing starts.

"Following a strong January, the pace of housing starts in Halifax slowed in February," said Tim Andrews, CMHC's Market Analyst for Nova Scotia. "The reduced pace was largely attributed to a sharp decline in multiples starts, specifically in the apartment segment of the market which reported no new starts last month," added Andrews.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets, which can be quite variable from one month to the next.

The standalone monthly SAAR was 558 units in February, down from 5,949 in January.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

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(1)

All starts figures in this release, other than actual starts and the trend estimate, 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 allows for a comparison from one season to the next and from one month to the next. 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.

Additional data is available upon request

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A graph is available at the following address: http://media3.marketwire.com/docs/Halifax_ENG_0308.pdf

Preliminary Housing Start Data
February / 2012-2013
Halifax CMA(1)			February 2012	February 2013
	Actual
		February - Single-Detached	45	22
		February - Multiples	108	2
		February - Total	153	24
		January to February - Single-Detached	104	63
		January to February - Multiples	126	432
		January to February - Total	230	495
			January 2013	February 2013
	SAAR(2)
		Total	5,949	558

Source: CMHC

(1) Census Metropolitan Area

(2) Seasonally Adjusted at Annual Rates

Detailed data available upon request

Nova Scotia Preliminary Actual Housing Start Data
February / 2012-2013
Urban Centres	Single-Detached		Multiples		Total
	2012	2013	2012	2013	2012	2013
Urban Centres 100,000+
Halifax CMA	45	22	108	2	153	24
Cape Breton RGM	7	3	2	0	9	3
Total Urban Starts(1)	76	36	115	4	191	40
Nova Scotia Preliminary Actual Housing Start Data
January to February / 2012-2013
Urban Centres	Single-Detached		Multiples		Total
	2012	2013	2012	2013	2012	2013
Urban Centres 100,000+
Halifax CMA	104	63	126	432	230	495
Cape Breton RGM	16	9	4	10	20	19
Total Urban Starts(1)	173	91	142	447	315	538

(1)	Urban starts include an estimate for the areas 10,000-49,999 for the first two months in a quarter and are subject to revision(s) after quarterly enumeration in the third and final month of the quarter.