Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2014 08:15 ET

July 2014 Housing Starts in Guelph

TORONTO, ONTARIO--(Marketwired - Aug. 11, 2014) - Housing starts in the Guelph Census Metropolitan Area (CMA) were trending up at 1,107 units in July compared to 404 in June, 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.

"Starts of all dwelling types increased, with the most significant growth occurring in apartment starts. Apartment construction tends to be highly volatile in Guelph, where only a few major apartment projects start every year. Two major projects happened to start in July, something which rarely occurs," said Anthony Passarelli, CMHC's Market Analyst for Guelph.

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 multiples segment includes apartments, rows and semi-detached homes

The SAAR of total housing starts was 4,503 units in July, up from 509 in June. The sharp increase occurred because two relatively large apartment buildings got underway in July. In addition, builders started a number of smaller apartment and townhome projects.

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.

Follow CMHC on Twitter @CMHC_ca

1All 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.

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/961878a.pdf

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