HOUSING NOW Greater Sudbury CMA

Transcription

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 Greater Sudbury 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 2011 New Home Market Third Quarter Total Starts Highest Since 1992 After a slow start to 2011, housing construction activity picked up significantly in the third quarter primarily due to multi-family housing starts. As a result, starts volumes are now approaching levels witnessed in Conversely, third quarter single-detached starts fell behind both last year s level and the five year average as well. Specifically, the 106 single-detached units that broke ground were 21 units off last year s third quarter and 42 units behind the five year average. Seasonally adjusted single-detached starts improved in September brightening the outlook for a stronger fourth quarter. After two relatively quiet years for semi-detached construction with only eight units constructed in 2009 and four in 2010, the more affordable popular unit type is back in Table of Contents 1 New Home Market 2 Resale Market 3 Commodities Global Demand Provide Employment Stability 4 Maps 10 Tables Figure 1 Sudbury Singles Starts Somewhat Weaker in 2011 Sudbu ury Quarterly Single-Detached Housing Starts Singles Trend Starts to September 30, 2011, end of third quarter. 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 Twenty-eight units have started thus far to September 30th, more than double the last two years combined. With the estimated average value of completed and occupied singledetached housing exceeding $350,000, builders are looking at ways of attracting cost-conscious consumers to the new construction market and the small semi-detached unit appears to be their immediate response. Fewer units are sitting unoccupied at completion in the Sudbury market. This year to August, an average of only eight units is unoccupied at completion while the ten year annual average for Greater Sudbury is twelve units. Higher housing demand was in part the result of employment gains in third quarter, which were more weighted towards full-time service sector jobs amongst ages 15 to 44. With all the mining activity imminent, it is only a matter of time before the goods producing sector in Sudbury shows further improvement. Elsewhere in Northeastern Ontario, after nine months of construction, total housing starts are up in Timmins and Sault Ste Marie while North Bay trails 2010 levels significantly. All three markets did experience above average third quarters which bodes well going into the fourth quarter as does the above average temperatures that were present in early fall. Construction projects in mining, retail, education, health care and municipal infrastructure will keep tradespeople busy in the region for the near term. Resale Market Sudbury Resale Market Continues Strong in 2011 The Sudbury resale home market continues to race ahead as an active third quarter brought seasonally adjusted sales higher. Sales in the summer months represented the strongest third quarter since 2008, the peak of the last market run-up. This does not come as a surprise, since the beginning of 2010 a string of very positive year-over-year gains in sales characterized all but four months out of 21. Year-to-date sales are up by 13 per cent to September 30th from the same period last year. Low interest rates, strong employment numbers and better than average income growth are key reasons for the increased sales in On the other hand, listings on a seasonally adjusted basis peaked in April 2010 and then started trending down. In recent months, homeowners that witnessed the strong price appreciation in 2010 are putting their homes in the market, resulting in listings recovering somewhat. With the combination of strong sales but improving listings, the market is in a balanced position. Figure 2 MLS Quarterly Sales Sudbury Consequently, the 2010 resale home price rally in Sudbury has slowed significantly in Average resale prices have moderated to grow by just under three per cent thus far in Although average prices started the year posting a 5 per cent year-over-year increase, they slowed to less than 2 per cent in the second quarter. While an improvement to 2.5 per cent in the third quarter is positive, stronger listings suggest price gains will remain in check for the foreseeable future. In Timmins Real Estate Board territory, the third quarter sales were the strongest since at least 1990 increasing 15.6 per cent from last year s third quarter. North Bay and Sault Ste. Marie sales posted strong growth as well, increasing by 21 and 10 per cent respectively. Price gains are strongest in Sault Ste Marie, followed by Timmins and North Bay. Average house prices ranged between $137,000 and $220,000 in these three markets. Third Quarter Sudbury Sales Move Ahead Strongly 2001 Sales Trend 2002 Sales to September 30, Source: Sudbury Real Estate Board * MLS is a registered trademark of the Canadian Real Estate Association (CREA)

3 Commodities Global Demand Provide Employment Stability Vale and Xstrata are preparing for the next phase of development of the Sudbury Basin mining camp. As well, other mid-sized mining companies such Quadra FNX and First Nickel with properties in the Greater Sudbury area are also well positioned to benefit from the Global demand for nickel. Both companies have projects that will collectively continue employing hundreds of people for years to come. As a result, it has not come as a surprise that Sudbury s unemployment rate has come steadily down to reside now at 7.1 per cent in the third quarter of 2011, after reaching a peak of over 10 per cent in the first quarter of Nevertheless, as concerns about the global economy mounted, prices for nickel and copper came off early year highs in the third quarter. Even with the weakening, nickel s average price in the third quarter is almost 4 per cent above last year s third quarter while copper is up more Figure 3 Pric ce Index, 2005 = solidly, nearly 24 per cent ahead of the third quarter last year. The recent decrease in nickel and copper prices is more precipitous than the overall Bank of Canada commodity price that has been buoyed by the strength of other more resilient commodities included in the index. Nonetheless, both key Sudbury commodities continue to trade above the weighted Bank of Canada commodity price index. Nickel and Copper Prices Weaken in Third Quarter Data to September 30, Source: Bank of Canada and International Monetary Fund Nickel Commodity Price Copper

4 Greater Sudbury CMA Number of Starts (Multiples) N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts starts starts starts 4

5 Greater Sudbury CMA Number of Starts (Singles) N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 1-15 starts starts starts 5

6 Greater Sudbury CMA Total Number of Starts N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 1-55 starts starts starts 6

7 Greater Sudbury CMA Number of Starts (Multiples) January - September 2011 N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts starts starts starts 7

8 Greater Sudbury CMA Number of Starts (Singles) January - September 2011 N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 3-32 starts starts starts 8

9 Greater Sudbury CMA Total Number of Starts January - September 2011 N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 3-86 starts starts starts 9

10 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 10

11 Table 1: Housing Activity Summary of Greater Sudbury CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change n/a n/a n/a n/a Year-to-date Year-to-date % Change -9.4 ** n/a n/a n/a UNDER CONSTRUCTION Q Q % Change -3.4 ** 0.0 n/a n/a COMPLETIONS Q Q % Change n/a n/a n/a n/a ** 76.8 Year-to-date Year-to-date % Change n/a n/a n/a ** 56.1 COMPLETED & NOT ABSORBED Q Q % Change n/a n/a n/a n/a n/a ** ** ABSORBED Q Q % Change n/a n/a n/a ** Year-to-date Year-to-date % Change n/a n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 11

12 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 Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q UNDER CONSTRUCTION Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q 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 COMPLETIONS Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q COMPLETED & NOT ABSORBED Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Elliot Lake Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Temiskaming Shores Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a West Nipissing Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a 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 ABSORBED Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Elliot Lake Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Temiskaming Shores Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a West Nipissing Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Single Table 1.2: History of Housing Starts Greater Sudbury CMA Ownership Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row % Change n/a n/a n/a % Change n/a n/a n/a ** ** % Change n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a n/a % Change 1.4 ** n/a n/a n/a n/a n/a % Change 52.9 n/a n/a n/a n/a n/a n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 15

16 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 Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins ** Elliot Lake Temiskaming Shores West Nipissing Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 16

17 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 Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - September 2011 Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other Rental Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 17

18 Submarket Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Submarket Table 2.5: Starts by Submarket and by Intended Market January - September 2011 Freehold Condominium Rental Total* Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 18

19 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 Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town ** Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores n/a West Nipissing Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Greater Sudbury CMA Capreol Town Nickel Centre Town ** Onaping Falls Town ** Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 19

20 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Rental Freehold and Condominium Apt. & Other Rental Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - September 2011 Row Apt. & Other Submarket Freehold and Rental Freehold and Rental Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 20

21 Submarket Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Submarket Table 3.5: Completions by Submarket and by Intended Market January - September 2011 Freehold Condominium Rental Total* Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) 21

22 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $200,000 Units Share (%) $200,000 - $249,999 Share Units (%) $250,000 - $299,999 Share Units (%) $300,000 - $349,999 Share Units (%) $350,000 + Median Average Total Price ($) Price ($) Share Units (%) Greater Sudbury CMA Q , ,439 Q , ,530 Year-to-date , ,966 Year-to-date , ,509 North Bay Q , ,045 Q , ,504 Year-to-date , ,679 Year-to-date , ,520 Sault Ste. Marie Q Q , ,032 Year-to-date , ,550 Year-to-date , ,097 Source: CMHC (Market Absorption Survey) 22

23 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Greater Sudbury CMA 381, , , , North Bay 393, , , , Sault Ste. Marie ,032 n/a 373, , Source: CMHC (Market Absorption Survey) 23

24 Table 5a: MLS Residential Activity for Greater Sudbury Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2010 January , ,380 February , ,468 March , ,769 April , ,441 May , ,947 June , ,922 July , ,819 August , ,115 September , ,192 October , ,564 November , ,858 December , , January , ,124 February , ,635 March , ,608 April , ,499 May , ,072 June , ,605 July , ,694 August , ,921 September , ,490 October November December Q , , Q , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (MLS ) 24

25 Table 5b: MLS Residential Activity for Sault Ste. Marie Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2010 January , ,903 February , ,241 March , ,633 April , ,024 May , ,862 June , ,664 July , ,270 August , ,803 September , ,140 October , ,454 November , ,383 December , , January , ,778 February , ,615 March , ,892 April , ,692 May , ,881 June , ,155 July , ,704 August , ,610 September , ,353 October November December Q , Q , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (MLS ) 25

26 Table 5c: MLS Residential Activity for North Bay Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2010 January , ,990 February , ,061 March , ,776 April , ,712 May , ,476 June , ,481 July , ,741 August , ,584 September , ,775 October , ,151 November , ,695 December , , January , ,557 February , ,981 March , ,731 April , ,169 May , ,311 June , ,521 July , ,943 August , ,090 September , ,248 October November December Q , Q , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (MLS ) 26

27 Table 5d: MLS Residential Activity for Timmins Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2010 January , ,414 February , ,004 March , ,699 April , ,186 May , ,570 June , ,725 July , ,178 August , ,249 September , ,266 October , ,194 November , ,883 December , , January , ,425 February , ,126 March , ,721 April , ,149 May , ,912 June , ,618 July , ,324 August , ,165 September , ,417 October November December Q , Q , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (MLS ) 27

28 P & I Per $100,000 Interest Rates Mortage Rates (%) Table 6: Economic Indicators NHPI, Total Thunder Bay/Greater Sudbury 2007=100 CPI, 2002 =100 (Ontario) Employment SA (,000) Greater Sudbury Labour Market Unemployment Rate (%) SA Participation Rate (%) SA Average Weekly Earnings ($) 1 Yr. Term 5 Yr. Term 2010 January February March April May June July August September October November December January February March April May June July August September October November December "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 60 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 homes homes 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 now available for free on CMHC s website. You can now 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 mailto:chic@cmhc.gc.ca; (613) 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

32 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics n Housing Information Monthly n Housing Market Outlook, Canada n Housing Market Outlook, Highlight Reports Canada and Regional n Housing Market Outlook, Major Centres n Housing Market Tables: Selected South Central Ontario Centres n Housing Now, Canada n Housing Now, Major Centres n Housing Now, Regional n Monthly Housing Statistics n Northern Housing Outlook Report n Preliminary Housing Start Data n Renovation and Home Purchase Report n Rental Market Provincial Highlight Reports Now semi-annual! n Rental Market Reports, Major Centres n Rental Market Statistics Now semi-annual! n Residential Construction Digest, Prairie Centres n Seniors Housing Reports CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data Information on current housing market activities starts, rents, vacancy rates and much more. Get the market intelligence you need today! Click to view, download or subscribe. CMHC s 2011 Mortgage Consumer Survey The 2011 survey results offer a unique perspective on attitudes and behaviours of recent mortgage consumers. Use these findings to identify opportunities and build stronger relationships with your clients. Visit for results and find out how