June 2015 Housing Starts in Peterborough

TORONTO, ONTARIO--(Marketwired - July 9, 2015) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending up at an annualized rate of 281 units in June compared to 247 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.

"An increase in single-detached homes pushed up the total housing starts tally in June, which brought the trend in housing starts back to where it was earlier this year. Gradually decreasing unsold inventories of new homes during January to April had a positive impact on starts of all dwelling types. Demand for newly built homes will remain solid, as low mortgage rates and employment gains experienced since 2014 will continue to support housing demand," 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 apartments, rows and semi-detached homes.

The more volatile SAAR measure of total housing starts was 476 units in June, up from 254 in May due to an increase in single-detached 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.

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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.

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/1016386e.pdf