Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2016 08:15 ET

November 2016 Housing Starts in Guelph

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2016) - Housing starts in the Guelph Census Metropolitan Area (CMA) were trending down at 964 units in November compared to 1,290 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) of housing starts.

"The decrease in the total housing starts trend in November was due to fewer apartment starts. Starts for single-detached houses, semi-detached houses and townhomes trended marginally higher in November," said Erica McLerie, Senior Market Analyst at CMHC. "In-migration and a very tight resale market have led to strong demand for new homes."

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 770 units in November, down from 1,362 units in October due to a lower number of starts for single-detached houses and townhouses. Both had been unusually high in October. Actual total housing starts for the first eleven months of 2016 reached 1,027 units, down six per cent compared to the same period in 2015.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

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/1079353a.pdf

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