Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2014 08:15 ET

June 2014 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - July 9, 2014) - Housing starts in Oshawa Census Metropolitan Area (CMA) were trending higher at 1,714 units in June compared to 1,555 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.

"Sales of pre-construction low-rise homes, which occurred during 2013 and early 2014, are now translating into housing starts in the Oshawa CMA. The rising popularity of less expensive low rise homes is evident by the increase in townhome starts in Whitby and the City of Oshawa." said Dana Senagama, CMHC's Oshawa 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 1,948 units in June, up from 1,564 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.

Follow CMHC on Twitter @CMHC_ca

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.

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/956478a.pdf

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