Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

February 10, 2014 08:15 ET

January 2014 Housing Starts in Toronto

TORONTO, ONTARIO--(Marketwired - Feb. 10, 2014) - Housing starts in the Toronto Census Metropolitan Area (CMA) were trending at 36,367 units in January compared to 35,547 in December 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 housing starts in Toronto was slightly higher in January, starting the year on a positive note. Low mortgage rates and employment gains experienced through 2013 continued to support housing demand," said Ed Heese, CMHC's Toronto Senior Market Analyst.

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 standalone monthly SAAR was 36,186 units in January, up from 32,281 in December, supported by higher apartment and town-home starts concentrated mainly outside the core. Apartment starts remained high as the relatively high number of projects which began selling in 2011 reached sales targets that allow construction to begin.

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.

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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.

This release is also available at www.cmhc.ca

Additional data is available upon request.

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A table and a graph are available at the following address: http://media3.marketwire.com/docs/926517a.pdf

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