Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

April 09, 2013 08:15 ET

March 2013 Housing Starts in Ontario

TORONTO, ONTARIO--(Marketwired - April 9, 2013) - Housing starts in the Ontario region were trending at 59,321 units in March, 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.

"Ontario residential construction activity slowed in March due to declining row and apartment starts. More choice in the resale market and a high volume of units under construction restrained residential starts since the spring of 2012. Starts should move higher in subsequent months given below trend readings in March and due to rising home completions which should free up some labour to commence construction on a backlog of apartment structures," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

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 52,390 units in March, down from 62,119 units in February. With the decline in March being in the multi-family home category, regions outside of the GTA held up better on a trend basis.

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.

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.

Follow CMHC on Twitter @CMHC.ca.

Additional data is available upon request.

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To view the graph and tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Toronto_En_04092013.pdf.

Contact Information

  • Market Analysis Contact:
    Ted Tsiakopoulos
    (416) 218-3407
    Cell: (416) 579-4992
    ttsiakop@cmhc.ca

    Media Contact:
    Beth Bailey
    (416) 218-3355
    Cell: (416) 988-4615
    bbailey@cmhc.ca