Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2013 08:15 ET

November 2013 Housing Starts in London

TORONTO, ONTARIO--(Marketwired - Dec. 9, 2013) - Housing starts in London, Census Metropolitan Area (CMA) were trending at 1,873 units in November compared to 2,577 in October 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.

"It was another strong month for single detached starts across the CMA in November with results in line with November 2012. Fourth quarter starts to date are particularly strong outside of the City of London." said Alexander Bonnyman, CMHC's Senior Market Analyst for London. "Single-detached starts are up in the fourth quarter to date across Southwestern Ontario with the exception of Hamilton as compared to a year prior."

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 1,562 units in November, up from 1,536 in October.

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.

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.

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/916461a.pdf

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