Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 09, 2015 08:15 ET

February 2015 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - March 9, 2015) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending at an annual rate of 285 units in February compared to 263 in January, 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 starts has been stable for nearly a year but in the last two months has been gradually edging up. Selwyn Township recorded a greater number of single-detached starts than the City of Peterborough in February. Steady employment and low mortgage rates remain supportive of new housing demand," 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 more volatile SAAR measure of total housing starts was 357 units in February, down from 390 in January, as total starts declined when compared to January. However, it is still above the six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

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

1All 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/995799a.pdf

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