Housing NOW Greater Sudbury

Transcription

1 Housing Market Information Housing NOW Greater Sudbury Date Released: Third Quarter 2007 New Home Market Stellar Sudbury Starts in Second Quarter The beat goes on! Residential construction in the City of Greater Sudbury in the second quarter hit 168 units, up twenty per cent from last year. Moreover, starts were 38 per cent ahead of the five-year average for second quarters in the market. Employment growth and strong consumer confidence provide strong backing for the new construction market in Greater Sudbury. Mining and the mining supply sector continues to provide the impetus to job growth in the Greater Sudbury area. Tightness in the resale market causes prospective buyers to consider new homes. Over forty per cent of Greater Sudbury new construction units were Table of Contents 1 New Home Market Stellar Sudbury Starts in Second Quarter 2 Resale Market Sudbury Resale Market Sizzles Sudbury Employment Growing Strongly Sault Ste. Marie Sales: Record Second Quarter North Bay Sales: Another Record Pace Figure 1 4 Maps Sudbury Quarterly Single-Detached Housing Starts Single-Detached Homes in Demand Tables 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. New! CMHC s electronic suite of national standardized products is now available for free. Source: CMHC

2 Figure 2 Sudbury Avg. MLS Price ($000s) absorbed in price ranges above $300,000 in the second quarter. (see Table 4) In general, absorptions 1 are up strongly in the second quarter from last year s second quarter, while the year-to-june 30th levels are up 14 per cent over the same period last year. The $250,000 to $299,999 and the $200,000 to $249,999 price ranges were the next most popular individual price ranges in the second quarter in Greater Sudbury. Resale Market Sudbury Resale Market Sizzles Conditions in the resale market in Greater Sudbury continue to favour sellers. Second quarter sales hit a new record reaching 889, 3.1 per cent above last year s figure. Relatively low interest rates, pent-up demand generated from job gains over the past decade in combination with the Sudbury Prices Taking Off (p) 2007(p) (p) Price data Jan 1-June 30 Source: Sudbury Real Estate Board healthy in-migration from other Ontario centres are all contributing to strong demand for resale housing. New listings fell 5.2 per cent in the second quarter and represent the lowest mark for the quarter witnessed since at least At 74%, Figure 3 Employment S.A. (000s) Sudbury s sales-to-new-listings ratio was one of the highest in the province in the second quarter. Bidding wars continue for the limited number of homes listed for sale. Anecdotal evidence suggests buyers continue to pay over list price on occasion. Tight resale home market conditions pushed up prices an unprecedented 23.1 per cent year-over-year in the first half of Sudbury Employment Growing Strongly Employment growth in Greater Sudbury has been relatively strong thus far in 2007, up 4.9 per cent when comparing average employment in the first half of 2007 to the equivalent in Employment has been strengthening in Sudbury since the middle of 2006 with quarterly average employment numbers well ahead of year-earlier levels. On average, 77,800 people were working in Sudbury in Jobs Support Sudbury Housing Demand to June 30, 2007 Source: Statistics Canada Labour Force Survey 1 Absorption is the point at which a new housing unit is taken off the market, usually because it is sold or rented. Many dwellings are sold before they are built. They are absorbed at completion. 2

3 2006, while in the first half of 2007, there were 80,200 employed persons, nearly 4,000 more than the 76,400 employed during the first six months of The run-up in job numbers since the late 1990s in Greater Sudbury explains some of the strength exhibited in the housing market since then. Employment growth is occurring primarily among baby boomers over 45 years old, who because of their affluence, are looking at move-up opportunities. Much of the growth in employment in this age group has come from locally employed workers graduating from ages in the more mature age segment. Anecdotally, there has been in-migration of professionals that may well be over 45 to help bolster housing demand. Net migration, which has been positive for the last three years, has occurred exclusively in the under 45 age groups. The goods-producing sector has also shown increases in the last few years, although employment levels in this sector are teetering above where they were in Nickel prices have come off the March 2007 record price of $22 per pound but still remain well above the level one year ago of between $11 and $12 per pound which continues to bode well for Sudbury s two nickel producers, CVRD-Inco and Xstrata. A brief strike in April involving 330 CVRD-Inco office and technical employees lasted one day and had a minimal impact on the nickel giant s operation. Elsewhere in the Sudbury economy, the mining supply and service sector is growing, exploration is continuing and infrastructure investments in the mining sector are strong. Nickel prices will potentially soften in with new capacity coming on stream globally but high prices will benefit new mine expansion in the Sudbury catchment area will counter any effects of softening prices. Any price softening should not be to a level which impacts greatly on profitability at CVRD-Inco or X- Strata. Sault Ste. Marie Sales: Record Second Quarter Sales have been rising for five consecutive years in Sault Ste. Marie with second quarter sales being no exception. The resale market in Sault Ste. Marie is on pace to surpass another modern-day record for resale market activity. Sales to the end of June are ahead 14.3 per cent from this time last year. These 518 sales in the second quarter were the highest recorded by the SSMREB since at least New listings are off 3.3 per cent on a year-to-date basis. Sault Ste. Marie s average priced home sold for $108,000 in the first six months of 2007, an 8.2 per cent increase over North Bay Sales: Another Record Pace Home sales in North Bay are off to another strong start in 2007, on pace to exceed the record 1,446 sales of Sales to the end of June are ahead four per cent from this time last year. Also, the 476 sales in the second quarter were the third highest recorded by the NBREB since New listings are off 5.9 per cent yearto-date so far this year. North Bay s average priced unit sold for $178,300, in the first six months of 2006, which is second to Greater Sudbury in terms of highest value Northern Ontario markets. 3

4 4 Greater Sudbury CMA Total Number of Starts Capreol N Housing Now - Greater Sudbury Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 2-20 starts starts starts Not surveyed

5 Greater Sudbury CMA Number of Starts (Singles) N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Km Walden HIGHWAY 17 HIGHWAY 637 Sudbury Legend No starts 2-20 starts starts starts Not surveyed Housing Now - Greater Sudbury

6 6 Greater Sudbury CMA Number of Starts (Multiples) Capreol N Housing Now - Greater Sudbury Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 2-3 starts 4 starts 5-6 starts Not surveyed

7 Greater Sudbury CMA Total Number of Starts January - June 2007 N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Km Walden HIGHWAY 17 HIGHWAY 637 Sudbury Legend 2-22 starts starts starts Not surveyed Housing Now - Greater Sudbury

8 8 Greater Sudbury CMA Number of Starts (Singles) January - June 2007 Capreol N Housing Now - Greater Sudbury Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HIGHWAY 17 Sudbury Km HIGHWAY 637 Legend No starts 3-23 starts starts starts Not surveyed

9 Greater Sudbury CMA Number of Starts (Multiples) January - June 2007 N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Km Walden HIGHWAY 17 HIGHWAY 637 Sudbury Legend No starts 2-3 starts 4 starts 5-6 starts Not surveyed Housing Now - Greater Sudbury

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 or zero -- 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 Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS Q Q % Change n/a n/a n/a n/a n/a 19.2 Year-to-date Year-to-date % Change 18.0 ** n/a n/a n/a n/a n/a 18.6 UNDER CONSTRUCTION Q Q % Change n/a n/a n/a n/a n/a 21.6 COMPLETIONS Q Q % Change 23.5 n/a n/a n/a n/a n/a n/a n/a 41.2 Year-to-date Year-to-date % Change n/a n/a n/a n/a 0.0 n/a 15.3 COMPLETED & NOT ABSORBED Q Q % Change 33.3 n/a n/a n/a n/a n/a n/a n/a 80.0 ABSORBED Q Q % Change n/a n/a n/a n/a n/a n/a 30.3 Year-to-date Year-to-date % Change n/a n/a n/a n/a 0.0 n/a 14.5 Rental Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) 11

12 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other 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 Total* Source: CM HC (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* So urce: CM HC (Starts and Co mpletio ns Survey, M arket A bso rptio n Survey) 13

14 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other 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 Total* So urce: CM HC (Starts and Co mpletio ns Survey, M arket A bso rptio n Survey) 14

15 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 n/a 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 - June Single Semi Row Apt. & Other Total % Change Greater Sudbury CMA Capreol Town n/a 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: CM HC (Starts and Completions Survey) 15

16 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 - June 2007 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: CM HC (Starts and Completions Survey) 16

17 Table 2.4: Starts by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket 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 Table 2.5: Starts by Submarket and by Intended Market January - June 2007 Freehold Condominium Rental Total* Submarket 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: CM HC (Starts and Completions Survey) 17

18 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 n/a Nickel Centre Town Onaping Falls Town n/a Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - June Single Semi Row Apt. & Other Total % Change Greater Sudbury CMA Capreol Town n/a 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: CM HC (Starts and Completions Survey) 18

19 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Rental Freehold and Condominium Apt. & Other 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 Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - June 2007 Row Apt. & Other Submarket Freehold and Condominium Rental Freehold and Condominium 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 Source: CM HC (Starts and Completions Survey) 19

20 Table 3.4: Completions by Submarket and by Intended Market Freehold Condominium Rental Total* Submarket 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 Table 3.5: Completions by Submarket and by Intended Market January - June 2007 Freehold Condominium Rental Total* Submarket 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: CM HC (Starts and Completions Survey) 20

21 Table 4: Absorbed Single-Detached Units by Price Range Price Ranges $150,000 - $200,000 - $250,000 - < $150,000 $300,000 + Median Average Submarket $199,999 $249,999 $299,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) Greater Sudbury CMA Q , ,995 Q , ,320 Year-to-date , ,212 Year-to-date , ,832 North Bay Q , ,550 Q , ,857 Year-to-date , ,420 Year-to-date , ,482 Sault Ste. Marie Q , ,143 Q , ,727 Year-to-date , ,405 Year-to-date , ,870 Source: CMHC (M arket Absorption Survey) 21

22 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Greater Sudbury CMA 314, , , , North Bay 265, , , , Sault Ste. Marie 251, , , , Source: CMHC (M arket Absorption Survey) 22

23 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 2006 January , ,937 February , ,604 March , ,976 April , ,987 May , ,505 June , ,633 July , ,398 August , ,760 September , ,560 October , ,158 November , ,498 December , , January , ,718 February , ,647 March , ,610 April , ,047 May , ,741 June , ,907 July August September October November December Q , , Q , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) 23

24 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 2006 January , ,942 February , ,144 March , ,769 April , ,458 May , ,245 June , ,227 July , ,797 August , ,679 September , ,856 October , ,676 November , ,879 December , , January , ,998 February , ,764 March , ,712 April , ,582 May , ,799 June , ,632 July August September October November December Q , Q , ,209 99, , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) 24

25 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 2006 January , ,569 February , ,297 March , ,372 April , ,988 May , ,348 June , ,888 July , ,812 August , ,591 September , ,291 October , ,253 November , ,841 December , , January , ,826 February , ,121 March , ,823 April , ,726 May , ,824 June , ,020 July August September October November December Q , Q , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) 25

26 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 2006 January , ,203 February , ,377 March , ,882 April , ,412 May , ,003 June , ,280 July , ,032 August , ,822 September , ,217 October , ,232 November , ,302 December , , January , ,406 February , ,004 March , ,114 April , ,017 May , ,551 June , ,478 July August September October November December Q , Q , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) 26

27 Interest Rates Table 6: Economic Indicators NHPI, Total Thunder Bay/Greater Sudbury 1997=100 CPI, 2002 =100 (Ontario) Greater Sudbury Labour Market P & I Mortage Rates Average (%) Employment Unemployment Participation Per Weekly 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term 2006 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: CM HC, adapted from Statistics Canada (CANSIM ), CREA (M LS ), Statistics Canada (CANSIM ) 27

28 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 2001 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. 28

29 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 2001 Census area definitions. 29

30 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 Canada maintains one of the best housing systems in the world. We are 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, 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 the national standardized product suite or regional specialty 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. 30

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