Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2013 08:15 ET

November 2013 Housing Starts in Ontario

TORONTO, ONTARIO--(Marketwired - Dec. 9, 2013) - Housing starts in the Ontario region were trending at 61,870 units in November, compared to 63,767 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.

"The trend in Ontario residential construction activity eased in the latest month with most dwelling types posting slower construction activity. Nevertheless, the starts trend remains higher than it was for most of the year. Demand for resale homes, a backlog of apartment units awaiting construction combined with a gradual improvement in the job market remain supportive of housing demand," 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 SAAR of total housing starts was 56,932 units in November, down from 68,233 units in October. Multi family home construction which includes semi detached, row and apartment dwellings declined most while single detached starts also slowed more noticeably for the first time in three months. For the year ending November, Ontario urban starts are down 21 per cent from this time last year.

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.

(Ce document existe également en français)

A graph and a table are available at the following address: http://media3.marketwire.com/docs/91649a.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