Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

July 2016 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - Aug. 9, 2016) - Housing starts in the Oshawa Census Metropolitan Area (CMA) trended lower at 2,544 in July 2016 compared to 2,918 in June 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)[1] of housing starts.

"The improved low-rise sales activity witnessed over the past few months continued to translate into strong starts in July," said Andrew Scott, CMHC's Senior Market Analyst for the GTA. Demand for relatively affordable new homes in the Oshawa CMA is expected to continue throughout 2016."

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 dropped to 1,693 units in July 2016 from 4,471 in June 2016. All construction types registered strong declines except for semi-detached homes. Oshawa City was the main source of the slower new home construction in July.

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/1065240_E.pdf

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