Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2015 08:15 ET

August 2015 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2015) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending up slightly at an annualized rate of 307 units in August compared to 299 in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) 1 of housing starts.

"The trend in total housing starts continued its upward direction in August 2015 due to a higher trend for row housing starts. There have been no apartment starts so far this year. Demand for apartments is growing at a slow rate in Peterborough, as ground oriented homes remain relatively affordable and continue to show strength. The tightness in the resale market over the last several quarters has meant more spill over demand into the new home ownership market, boosting demand for single-detached homes and townhouses," said Olga Golozub, CMHC's Market Analyst for Peterborough.

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

The more volatile SAAR measure of total housing starts was 397 units in August, down from 492 in July due to a decrease in both single and multiple starts on a seasonally-adjusted basis.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

[1]All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/peta0909.pdf

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