HOUSING NOW Regina CMA

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1 H o u s i n g M a r k e t I n f o r m a t i o n HOUSING NOW Regina CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Fourth Quarter 2012 Table of Contents New Home Market Housing starts remain elevated in third quarter Home builders in the Regina Census Metropolitan Area (CMA) remained busy from July to September, recording elevated starts in both the single-detached and multi-family sectors. Building on the gains in the first half of 2012, housing starts totalled 795 units in the third quarter, up from 440 during the corresponding period in As was the case in the first six months of 2012, each month in the third quarter recorded stronger starts than the previous year. To the end of September, local home builders initiated 2,220 units, up from the 1,140 starts during the first nine months of New Home Market 3 Resale Market 3 Economy 5 Maps of Regina CMA 11 Housing Now Report Tables 12 Summary by Market 18 Starts 22 Completions Figure 1 units Singles Regina CMA - Housing Starts Multis 25 Absorptions 26 Average Price 27 MLS Activity 28 Economic Indicators Q1 2009Q1 2010Q1 2011Q1 2012Q1 Source: CMHC SUBSCRIBE NOW! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View, print, download or subscribe to get market information ed to you on the day it is released. CMHC s electronic suite of national standardized products is available for free. Housing market intelligence you can count on

2 Figure 2 Regina CMA - Single-Detached Units Under Construction units 1,200 1, Source: CMHC From July through September, home builders started 413 single-detached units, 59 per cent more than the 260 starts one year earlier. Each and every month so far this year has reported a year-over-year increase, with the strongest gain reported in September. With 172 single-detached starts, September s construction represented the strongest monthly performance in over 25 years. After three quarters of the year, singledetached starts in the CMA reached 1,033 units, up from 690 during the first nine months of Of the areas comprising the Regina CMA, the Northwest continues to report the strongest increase in single-detached construction thus far, with starts more than double levels recorded in the first nine months of Given the heightened pace of singledetached starts, the volume of units under construction continued to rise. At the end of the third quarter, 1,150 single-detached homes were under various phases of construction, 43 per cent higher than September 2011 and among the highest totals on record. Given this, Regina is experiencing among the strongest price pressures in Canada. The average New House Price Index (NHPI) so far this year for Regina showed contractor selling prices increased five per cent from corresponding levels in The single-detached average absorbed price in the third quarter increased by similar amount, bucking the trend in the first half of the year when buyers Figure 3 units 1,250 1, opted for lower priced homes. From July through September, the absorbed price increased 4.3 per cent yearover-year, averaging $467,695. Despite this gain, the year-to date average price was 1.8 per cent lower than the previous year, averaging $459,358. With an elevated level of units under construction, single-detached inventories are likely to rise moving forward. In September, the inventory of complete and unabsorbed homes reached 60 units, nine per cent higher than in While up from the previous year, the number of units in inventory has changed little since the second quarter as completions continued to be on par with absorptions. Multi-family starts, which consist of semi-detached, row, and apartment units, totalled 382 units during the third quarter, up from 180 units from July to September With this gain, year-to-date multi-family starts increased to 1,187 units, up from 450 during the first nine months of Apartments continue to represent the majority of multi-family starts in Regina CMA - Multiple Units Under Construction Source: CMHC 2

3 Regina. With 802 apartment starts to the end of September, the pace of construction is significantly higher than the 274 units started one year earlier. Semi-detached starts also reported an impressive gain, with the 226 starts thus far up from only 38 one year earlier. Row starts on a year-to-date basis have recorded a comparatively modest 15 per cent gain. Unlike the single-detached sector where inventory remained stable from the second quarter, the number of complete and unabsorbed multi-family units declined during this quarter to the lowest point in nearly three years. Only 36 multi-family units across the Regina CMA were completed and unabsorbed at the end of September, 28 per cent lower than corresponding levels in Apartment absorptions surpassed completions in the third quarter, drawing down the volume of inventory. With the number of semi-detached and apartments under construction significantly higher than the previous year, expect these two market types to see higher inventories next year. Resale Market Existing home sales moderate in the third quarter While housing starts in Regina continued to impress in the third quarter, residential MLS sales moderated. Overall sales from July to September totalled 997 units, eight per cent fewer than were reported in the third quarter of Year-overyear reductions were recorded in each month during the quarter, with September reporting the strongest decline. Despite the third quarter weakness, year-to-date residential sales in Regina remain higher than the previous year thanks to strength in the first half of the year. To the end of September, total sales reached 3,233 units, seven per cent higher than corresponding levels in Active listings in Regina increased to 1,430 units at the end of September, the highest total of the year thus far and four per cent higher than September As a result, the sales-to-active listings ratio declined to 19 per cent at the end of the third quarter, down from 27 per cent one year earlier. Despite this reduction, homes continue to spend less time on the market than they did a year prior. The average listing duration from July through September was 34 days, down from the corresponding average of 38 days in the third quarter of Despite a reduction in the sales-toactive listings ratio, shorter listing durations continued to support upward pressure on prices. Following an 8.8 per cent year-over-year gain in the second quarter, Regina s average MLS price increased nine per cent in the third quarter compared to the previous year, averaging $300,280. After nine months, the average resale price in Regina reached $299,999, eight per cent above corresponding levels in Economy Employment expansion in Regina continues Demand for labour in Regina continued to be strong from July through September. New jobs were created throughout the third quarter, boosting year-to-date average employment to 125,300 positions, 2.9 per cent higher than the previous year. Regina s job gains remain primarily fulltime positions, offering supplementary support to housing demand. Average full-time employment to the end of September was 3.4 per cent higher than the previous year, while parttime employment was up only 0.4 per cent. Regina also retained one of the lowest unemployment rates in Canada, averaging 4.7 per cent in the third quarter. The strong pace of full-time job creation and low unemployment rate further supported wage growth. Regina s average weekly earnings in the third quarter increased 6.7 per cent year-over-year, reaching $985. Net migration to Saskatchewan reached a record high in the second quarter of Statistics Canada s estimates indicate that the province drew a net total of 5,408 migrants in the second quarter, up from 3,224 one year earlier. The provincial nominee program continued to yield favourable results, as the majority of migrants came from international sources. International migration totalled 3,240 people, 50 per cent higher than the previous year and the highest quarterly performance on record. 3

4 Meanwhile, following a relatively slow period from January to March, interprovincial migration accelerated in the second quarter with 1,373 net arrivals, up from 581 in the second quarter of 2011 and the highest total in more than three years. Ontario continued to provide the majority of interprovincial migrants to Saskatchewan, with 843 net additions in the second quarter. The inflow of non-permanent residents was also maintained, with 795 people reported from April to June. Figure 4 Regina CMA - Average Total Employment thousands Q1 2009Q1 2010Q1 2011Q1 2012Q1 Source: Statistics Canada, Seasonally Adjusted 4

5 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Number of Starts (Multiples) MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend No starts 2-43 starts starts starts N Northwest Northeast Central East Km 5

6 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Number of Starts (Singles) MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend No starts 1-44 starts starts starts N Northwest Northeast Central East Km 6

7 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Total Number of Starts MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend No starts 1-78 starts starts starts N Northwest Northeast Central East Km 7

8 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Number of Starts (Multiples) January - September 2012 MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend No starts starts starts starts N Northwest Northeast Central East Km 8

9 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Number of Starts (Singles) January - September 2012 MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend starts starts starts N Northwest Northeast Central East Km 9

10 ALBERT ST N HIGHWAY 730 VICTORIA AVE HIGHWAY 1 Housing Now - Regina CMA - Date Released - Fourth Quarter 2012 West South: Lakeview / Albert Park South: Wascana-University Regina CMA Total Number of Starts January - September 2012 MCDONALD ST N HIGHWAY 33 LOUIS RIEL TRAIL RING RD HIGHWAY 1 Inset Remainder of CMA Legend starts starts starts N Northwest Northeast Central East Km 10

11 HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.1 Housing Activity Summary by Submarket 1.2 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 11

12 Table 1: Housing Activity Summary of Regina CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change 58.8 ** n/a n/a ** Year-to-date , ,220 Year-to-date ,140 % Change 50.4 ** n/a ** UNDER CONSTRUCTION Q , ,335 Q ,509 % Change 44.7 ** n/a COMPLETIONS Q Q % Change 38.0 ** n/a n/a 21.9 ** ** Year-to-date ,558 Year-to-date % Change 53.0 ** n/a n/a COMPLETED & NOT ABSORBED Q Q % Change 7.3 ** n/a n/a n/a n/a -8.6 ABSORBED Q Q % Change 48.7 ** n/a n/a Year-to-date ,537 Year-to-date % Change n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 12

13 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Central Q Q South: Lakeview / Albert Park Q Q South: Wascana-Univerity Q Q East Q Q West Q Q Northeast Q Q Northwest Q Q Remainder of the CMA Q Q Regina CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row UNDER CONSTRUCTION Central Q Q South: Lakeview / Albert Park Q Q South: Wascana-Univerity Q Q East Q Q West Q Q Northeast Q Q Northwest Q Q Remainder of the CMA Q Q Regina CMA Q , ,335 Q ,509 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Central Q Q South: Lakeview / Albert Park Q Q South: Wascana-Univerity Q Q East Q Q West Q Q Northeast Q Q Northwest Q Q Remainder of the CMA Q Q Regina CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETED & NOT ABSORBED Central Q Q South: Lakeview / Albert Park Q Q South: Wascana-Univerity Q Q East Q Q West Q Q Northeast Q Q Northwest Q Q Remainder of the CMA Q Q Regina CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 16

17 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Central Q Q South: Lakeview / Albert Park Q Q South: Wascana-Univerity Q Q East Q Q West Q Q Northeast Q Q Northwest Q Q Remainder of the CMA Q Q Regina CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 17

18 Table 1.2: History of Housing Starts of Regina CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ,694 % Change 36.3 ** n/a ,347 % Change n/a n/a % Change n/a n/a ,375 % Change n/a ,398 % Change n/a n/a ** % Change ** % Change -4.6 ** n/a ** ,242 % Change 17.2 n/a ** n/a % Change ** ** n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 18

19 Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Central South: Lakeview / Albert Park South: Wascana-Univerity East West ** Northeast ** Northwest Remainder of the CMA Regina CMA Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Central South: Lakeview / Albert Park South: Wascana-Univerity ** East West Northeast Northwest Remainder of the CMA Regina CMA 1, ,220 1, Source: CMHC (Starts and Completions Survey) 19

20 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - September 2012 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Source: CMHC (Starts and Completions Survey) 20

21 Submarket Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Submarket Table 2.5: Starts by Submarket and by Intended Market January - September 2012 Freehold Condominium Rental Total* Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA 1, ,220 1,140 Source: CMHC (Starts and Completions Survey) 21

22 Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest ** Remainder of the CMA Regina CMA Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Central South: Lakeview / Albert Park ** South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA , Source: CMHC (Starts and Completions Survey) 22

23 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Q Q Q Q Q Q Q Q Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - September 2012 Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Source: CMHC (Starts and Completions Survey) 23

24 Submarket Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA Submarket Table 3.5: Completions by Submarket and by Intended Market January - September 2012 Freehold Condominium Rental Total* Central South: Lakeview / Albert Park South: Wascana-Univerity East West Northeast Northwest Remainder of the CMA Regina CMA , Source: CMHC (Starts and Completions Survey) 24

25 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $350,000 Units Share (%) $350,000 - $399,999 Share Units (%) $400,000 - $449,999 Share Units (%) $450,000 - $499,999 Share Units (%) $500,000 + Central Q , ,830 Q , ,293 Year-to-date , ,514 Year-to-date , ,382 South: Lakeview / Albert Park Q Q Year-to-date Year-to-date South: Wascana-University Q Q n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date Year-to-date n/a 0 n/a 0 n/a 0 n/a 0 n/a East Q , ,029 Q , ,952 Year-to-date , ,355 Year-to-date , ,488 West Q Q Year-to-date Year-to-date Northeast Q Q Year-to-date , ,400 Year-to-date , ,694 Northwest Q , ,856 Q , ,272 Year-to-date , ,657 Year-to-date , ,806 Remainder of the CMA Q , ,611 Q , ,567 Year-to-date , ,941 Year-to-date , ,512 Regina CMA Q , ,695 Q , ,466 Year-to-date , ,358 Year-to-date , ,979 Units Share (%) Total Median Price ($) Average Price ($) Source: CMHC (Market Absorption Survey) 25

26 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Central 436, , , , South: Lakeview / Albert Park n/a n/a South: Wascana-Univerity n/a n/a East 527, , , , West n/a n/a Northeast n/a 346, , Northwest 441, , , , Remainder of the CMA 517, , , , Regina CMA 467, , , , Source: CMHC (Market Absorption Survey) 26

27 Table 5: MLS Residential Activity for Regina Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2011 January , ,278 February , ,021 March , ,113 April , ,084 May , ,443 June , ,076 July , ,187 August , ,053 September , ,816 October , ,398 November , ,341 December , , January , ,042 February , ,514 March , ,111 April , ,647 May , ,423 June , ,268 July , ,502 August , ,124 September , ,162 October November December Q , , , Q , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 27

28 P & I Per $100,000 Interest Rates Table 6: Economic Indicators Mortage Rates (%) NHPI, Total, Regina CMA 2007=100 Participation Rate (%) SA 1 Yr. Term 5 Yr. Term 2011 January February March April May June July August September October November December January February March April May June July August September October November December CPI, 2002 =100 Employment SA (,000) Regina Labour Market Unemployment Rate (%) SA Average Weekly Earnings ($) "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 28

29 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2006 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. 29

30 DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions. 30

31 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 65 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at You can also reach us by phone at or by fax at Outside Canada call or fax to supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at chic@cmhc.ca; or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which or any of its employees shall incur responsibility. 31

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