TORONTO, ONTARIO--(Marketwired - Feb. 8, 2017) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending down at 398 units in January 2017 compared to 449 units 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 rates (SAAR) of housing starts.
"The trend in total housing starts had been gradually edging down for the past three months, reflecting a declining trend in single-detached starts. January's uptick in multi-unit construction couldn't offset the continuing decline. Yet, a tight resale market together with the low unsold inventories signal that demand for newly-built dwellings remains robust. This demand will provide the opportunity for developers to start new projects in the near future," 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 multi-unit segment includes apartment, row and semi-detached homes.
The standalone monthly SAAR was 187 units in January, down from 298 units in December, due to a decrease in single-detached 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.
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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