Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2017 08:15 ET

January 2017 Housing Starts in London

TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - The housing starts trend measure for London Census Metropolitan Area (CMA) was 3,919 units in January, up from 3,107 units 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) of housing starts.

"A large number of apartment starts in January pushed up the trend measure to an unusually high level. New condominium apartments are being built in response to the shortage of homes listed for sale in the $250,000 to $350,000 price range, while new rental apartments are being built in response to London's lowest vacancy rate since 2003," said Anthony Passarelli, Senior Market Analyst with CMHC.

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 monthly SAAR of total starts was 6,749 units in January, up significantly from 2,668 units in December primarily due to apartment starts, which are highly volatile month-to-month in London. Row home starts were also higher in January.

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.

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Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link:

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