Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

December 10, 2012 08:15 ET

November 2012 Housing Starts in Toronto

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2012) - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 46,700 units in November, 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. The standalone monthly SAAR was 37,100 units in November, down from 45,400 in October.

"New home construction has moderated over the past few months in response to slower demand and the number of condos already under construction. Housing starts in Toronto are expected to continue trending lower through the first half of next year," said Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto.

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.

Single detached starts added 957 actual units while multiple starts totalled 2,341 actual units in November 2012. Singles were lower than in November of last year while multiples were higher. Year-to-date total starts have reached 43,838 actual units, which is ahead of the pace set last year due to stronger multiple starts.

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.

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Additional data is available upon request.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Market Analysis Contact:
    Shaun Hildebrand
    (416) 218-3466
    shildebr@cmhc.ca

    Canada Mortgage and Housing Corporation
    Media Contact:
    Beth Bailey
    (416) 218-3355
    bbailey@cmhc.ca
    www.cmhc.ca