Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 09, 2015 08:15 ET

January 2015 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - Feb. 9, 2015) - Housing starts in Oshawa Census Metropolitan Area (CMA) trended higher at 1,911 units in January compared to 1,612 in December 2014 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 increase in total housing starts was due to several rental apartment projects breaking ground in January, while starts of other housing types trended lower. However, tight resale market conditions that prevailed throughout 2014 in the Oshawa CMA resulted in spillover demand into the new home market, especially towards more affordable low rise homes. As a result, expect to see more low rise home starts this year," said Dana Senagama, CMHC's 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 3,297 units in January, up strongly from 1,970 in December 2014. Apartment starts were the source for this jump.

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

[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.

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/991178e.pdf

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