Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2014 08:15 ET

November 2014 Housing Starts in Guelph

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2014) - Housing starts in the Guelph Census Metropolitan Area (CMA) were trending down at 1,735 units in November compared to 1,770 units 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 remained elevated due to the high level of apartment starts in July and August. Apartment starts have increased due to demand from young households, immigrants, seniors and students. These households are more likely to live in apartments, either for space or financial reasons. Single-detached and apartment starts this year are higher than at the same time last year, while semi-detached and townhouse starts are lower," said Erica McLerie, CMHC's Senior Market Analyst for Guelph.

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 578 units in November, up from 389 units in October.

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 advice 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/982908e.pdf

Contact Information