Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in London

TORONTO, ONTARIO--(Marketwired - June 8, 2015) - Housing starts in the London Census Metropolitan Area (CMA) were trending up at 2,115 units in May compared to 1,728 in April, 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.

"Starts of all dwelling types trended up in May, with the exception of semi-detached starts, for which the trend was stable. The greatest growth was in apartment starts. A number of apartment projects have started in the City of London over the past six months, including some larger structures having greater than 100 units. Demand is strong for units in these new, large structures as they have the most modern amenities and provide the convenience of living steps from public transit and shopping malls," 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 SAAR of total starts was 5,001 units in May, up from 1,571 in April due to higher starts of single-detached, row homes and apartments.

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

[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.

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1011277e.pdf

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