Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

July 2016 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - Aug. 9, 2016) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending up at 543 units in July compared to 528 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.

"Higher single-detached starts caused the housing starts trend to reach its highest level on record. Higher wage growth and relative price affordability supported housing demand, therefore providing the opportunity for developers to increase housing starts," 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 519 units in July, down from 924 units in June. The increase in single-detached starts was not enough to offset the decline in multi-unit starts. Actual starts for the first seven months of 2016 increased 81.5 per cent from the same period in 2015.

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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1065270e.pdf

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