Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2013 08:15 ET

June 2013 Housing Starts in Toronto

TORONTO, ONTARIO--(Marketwired - July 9, 2013) - Housing starts in the Toronto, Census Metropolitan Area (CMA) were trending at 31,829 units in June compared to 34,330 in May 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.

"Although down this month, condominium apartment starts continue to be supported by the backlog of units sold but not yet started. Starts of low-rise housing, which includes single-detached, semi-detached and row houses, remained a relatively stable part of residential construction activity," said Ed Heese, CMHC's Senior Market Analyst.

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 was 35,062 units in June, down from 40,717 in May.

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.

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(1) All 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.

This release is also available at www.cmhc.ca.

Additional data is available upon request.

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A graph and tables are available at the following address: http://media3.marketwire.com/docs/scta0709.pdf.

Contact Information

  • Information on this release:
    Market Analysis Contact:
    Ed Heese
    416 218-3369
    eheese@cmhc.ca

    Media Contact:
    Angelina Ritacco
    416 218-3320
    aritacc@cmhc.ca