Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 08, 2016 15:01 ET

August 2016 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - Sept. 8, 2016) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending down at 508 units in August compared to 533 units 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) of housing starts.

"Fewer single-detached starts in August signaled a slight moderation in the trend that reached its highest point since 2010 in July 2016. With a tight resale market, demand for newly built dwellings remains robust. Together with the low unsold inventories, this demand will provide the opportunity for developers to start new projects in the near future," 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 standalone monthly SAAR was 125 units in August, down from 483 units in July, due to a decrease in single-detached starts and a lack of multi-unit starts during the last two months. Actual starts for the first eight months of 2016 increased 48.9 per cent from the same period in 2015.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook

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/e1068695.pdf

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