Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2015 08:15 ET

November 2015 Housing Starts in Guelph

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2015) - Housing starts in the Guelph Census Metropolitan Area (CMA) were trending lower at 1,555 units in November compared to 1,745 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.

"Total starts trended lower in November for the first time since February. Starts for all housing types except single-detached homes trended lower. Single-detached starts were trending at the highest level in more than three years," said Erica McLerie, Senior Market Analyst at CMHC. ". Strong employment and population growth continue to support housing demand."

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 501 units in November, down from 2,637 units in October, due to lower level of townhouse starts and the absence of apartment starts. Comparing the first eleven months of 2015 to the same period of 2014, actual housing starts have increased by five per cent due to higher single-detached and townhouse 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.

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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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1035911E.pdf

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