Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2016 08:15 ET

May 2016 Housing Starts in Kitchener-Cambridge-Waterloo

TORONTO, ONTARIO--(Marketwired - June 8, 2016) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending at 2,707 units in May compared to 2,771 units 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) of housing starts.

"Total housing starts trended slightly lower in May as the increase in the trend for single and semi-detached starts was not enough to offset the decreasing trend for apartment and townhomes. Starts are trending at a level consistent with demographic demand," said Erica McLerie, Senior Market Analyst at 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 multiples segment includes apartments, rows and semi-detached homes.

The SAAR of total housing starts was 3,067 units in May, up from 1,757 units in April. The increase in the SAAR was due higher starts for all housing types with single-detached and townhomes leading the way. Actual starts for the first five months of 2016 declined 15 per cent from the same period in 2015 due to fewer apartment 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.

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/1058161e.pdf

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