TORONTO, ONTARIO--(Marketwired - Jan. 11, 2016) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending higher at 3,561 units in December compared to 3,383 units 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) of housing starts.
"Total housing starts trended slightly higher in December due to higher single-detached and apartment starts. However, the trend for total starts has slowed considerably as the trend for apartment starts moved down to a sustainable level. The trend for both single-detached and townhouse starts strengthened. Strong demand for ground-oriented homes, a tight resale market and the relatively affordable home prices in KCW have boosted starts for single-detached homes and townhomes in the past year," said Erica McLerie, Senior Market Analyst at CMHC. "Strengthening employment and population growth have supported the demand for housing in KCW."
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 3,727 units in December, up from 3,494 units in November. The increase in the SAAR was due to more single-detached and apartment starts. For 2015, actual starts declined by 28 per cent from 2014, due to fewer apartment starts, both condominium and rental. Starts for single-detached and townhouses were higher.
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.
(Ce document existe également en français)
Tables and a graph are available at the following address: http://media3.marketwire.com/docs/KitchenerENG.pdf
Contact Information:
Angelina Ritacco
416-218-3320
aritacco@cmhc.ca