June 2016 Housing Starts in London

TORONTO, ONTARIO--(Marketwired - July 11, 2016) - Total housing starts in the London Census Metropolitan Area (CMA) trended up from 2,485 units in May to 3,150 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.

"The trend in total housing starts soared to a new high in June, reaching its highest level during the last decade. A very low average vacancy rate in newer rental structures and higher interest in more affordable homes contributed to the elevated demand for multi-unit projects," said Anthony Passarelli, Senior Market Analyst with CMHC.

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 monthly SAAR of total starts was 5,494 units in June, down from 6,018 units in May due to fewer starts of multi-unit structures. Despite the decline, the SAAR measures for both total and multi-unit starts remained high.

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/1062112e.pdf