Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

January 09, 2014 08:15 ET

December 2013 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - Jan. 9, 2014) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending at 414 units in December compared to 406 in November, 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.

"Total housing starts were up in December 2013 when compared to the same month in 2012, making annual housing starts above 2012 levels. In 2013 construction of single-detached houses increased, while construction of all other residential housing types decreased slightly. During the past several months, starts for both singles and multiples have been trending lower - below six month moving average", 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 multiples segment includes apartments, rows and semi-detached homes

The SAAR of total housing starts was 351 units in December, up from 298 in November.

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

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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.

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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/921012a.pdf

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