Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2015 08:15 ET

June 2015 Housing Starts in Ottawa

OTTAWA, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Ottawa Census Metropolitan Area (CMA) were trending at 4,178 units in June compared to 3,842 units 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.

"Seasonally adjusted housing starts were up in June for all dwelling types except singles. The largest increase came for apartment starts, following a near-halt in May, which flattened the downward trend. Notably, just over a quarter of apartments started this month were rentals. Since 2012, the share of rentals in total starts has averaged about 8 per cent, a significant increase from about 2 per cent over the 2003-2011 period. Developers are offering a mix of dwellings on the market catering to different preferences," said Anne-Marie Shaker, Market Analyst Ottawa.

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 multiples segment includes apartments, rows and semi-detached homes.

In Ottawa, the monthly SAAR measure was 8,866 in June up from 3,636 in May driven by a substantial jump in apartment starts.

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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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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.

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1016385_E.pdf

Contact Information

  • Media Contact:
    Angelina Ritacco
    Public Affairs Advisor, Communications and Marketing
    416-218-3320
    Cell: 647-210-7420
    aritacco@cmhc.ca