Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2010 08:15 ET

CMHC: November Housing Starts

OTTAWA, ONTARIO--(Marketwire - Dec. 8, 2010) - The seasonally adjusted annual rate(1) of housing starts was 187,200 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 167,800 units in October.

"Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "The increase in housing starts in Ontario in November was more than enough to offset declines in all other regions of the country."

This exceptional increase in the level of multiple starts recorded in Ontario in November relative to October is attributable to the start of a number of major apartment projects located mainly in the Toronto area. Looking ahead into 2011, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.

The seasonally adjusted annual rate of urban starts increased by 14.6 per cent to 163,100 units in November. Urban multiple starts went up by 20.9 per cent in November to 101,800 units, while single urban starts moved up by 5.5 per cent to 61,300 units. Multiple unit starts went up 29,900 units from October to November in Ontario, while it remained relatively stable in the Prairie Region and decreased in other regions.

November's seasonally adjusted annual rate of urban starts increased by 82.8 per cent in Ontario. Elsewhere, urban starts decreased by 24 per cent in Atlantic Canada, by 21.3 per cent in British Columbia, by 15.2 per cent in Québec and by 1.5 per cent in the Prairie Region.

Rural starts(2) were estimated at a seasonally adjusted annual rate of 24,100 units in November.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.

This release is also available on the CMHC Web site: http://www.cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces: Alex MacDonald, CMHC,
(902) 426-8964, amacdona@cmhc-schl.gc.ca
 
Quebec: Kevin Hughes, CMHC,
(514) 283-4488, khughes@cmhc-schl.gc.ca
 
Ontario: Ted Tsiakopoulos, CMHC,
(416) 218-3407, ttsiakop@cmhc-schl.gc.ca
 
Prairie provinces: Lai Sing Louie, CMHC,
(403) 515-2991, llouie@cmhc-schl.gc.ca
 
British Columbia: Carol Frketich, CMHC,
(604) 737-4067, cfrketic@cmhc-schl.gc.ca

A graph is available at the following address: http://media3.marketwire.com/docs/Graph_CMHC_ENG_1208.pdf

Housing Starts, Actual and SAAR*
  Actual SAAR
November
2009
November
2010
October
2010
November
2010
  Revised Preliminary Revised Preliminary
Canada, all areas 15,557 16,843 167,800 187,200
  Canada, rural areas 1,568 2,097 25,500 24,100
  Canada, urban centres** 13,989 14,746 142,300 163,100
    Canada, singles, urban centres 7,062 5,551 58,100 61,300
    Canada, multiples, urban centres 6,927 9,195 84,200 101,800
         
    Atlantic region, urban centres 706 653 9,600 7,300
    Quebec, urban centres 3,884 3,311 40,200 34,100
    Ontario, urban centres 4,817 6,875 41,900 76,600
    Prairie region, urban centres 3,101 2,303 26,600 26,200
    British Columbia, urban centres 1,481 1,604 24,000 18,900
   
  Source: CMHC 
   
* Seasonally adjusted annual rates
** Urban centres with a population of 10,000 and over.
  Detailed data available upon request.

(1) All starts figures in this release, other than actual starts, 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 makes it possible to highlight the fundamental trends of a series. 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.

(2) CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.

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