Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

July 2016 Housing Starts in London

TORONTO, ONTARIO--(Marketwired - Aug. 9, 2016) - The trend for total housing starts in the London Census Metropolitan Area (CMA) was stable at 3,132 units in July compared to 3,153 units 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) of housing starts.

"The trend measure remained high due to an elevated number of multiple-unit homes that were started in the past six months. We are currently in a high period for multi-unit starts in London due to the occurrence of apartment starts, which tend to be heavily concentrated in just a few arbitrary months each year," 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 decreased from 5,505 units in June to 1,876 units in July, primarily due to no apartment starts in July compared to 3,588 units started in June. Apartment starts in London CMA are highly volatile month-to-month.

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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A table and a graph are available at the following address: http://media3.marketwire.com/docs/1065249e.pdf

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