Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2017 08:15 ET

January 2017 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - Housing starts in the Oshawa Census Metropolitan Area (CMA) trended higher at 2,279 in January 2017 compared to 2,068 in December 2016 according to Canada Mortgage and Housing Corporation (CMHC).The trend is a six month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts.

"Demand for single-detached homes in Oshawa remains strong owing to their relative affordability compared to other centres within the GTA. The exceptionally tight resale market conditions in the area continue to spill demand over to the new home market," said Andrew Scott, CMHC's Senior Market Analyst for the GTA.

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 soared to 2,972 units in January 2017, up from 1,501 units in December 2016.Single-detached starts were the key source of robust monthly increase.

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.

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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1085135A_Tables_Graph.pdf

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