TORONTO, ONTARIO--(Marketwired - July 11, 2016) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending higher at 521 units in June compared to 405 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) of housing starts.
"An increase in single-detached starts and continued strength in row and apartment starts caused the trend for total housing starts to move up, reaching its highest level during the last decade. The trend measure for apartment starts surpassed the trend measure for single-detached homes last month for the first time. This shift is unlikely to be sustained, although higher multi-unit starts indicate that more affordable homes have become more popular, especially among first-time home buyers," 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 apartment, row and semi-detached homes.
The more volatile SAAR measure of total housing starts was 909 units in June, down from 1,409 units in May due to fewer starts of multi-unit structures. Despite the declines, 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/120a.pdf