TORONTO, ONTARIO--(Marketwired - Dec. 8, 2016) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending down at 4,334 units in November compared to 4,408 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.
"Total housing starts trended slightly lower in November as starts for ground-oriented housing (single-detached, semi-detached, townhouses) were lower. Starts in the last three months have been trending well above the average for the year," said Erica McLerie, Senior Market Analyst at CMHC. "Job and wage growth, in-migration and a very tight resale market have translated into 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 2,673 units in November, down from 2,985 units in October. The decrease in the SAAR measure was due to the decline in ground-oriented housing starts in November. Actual total housing starts for the first eleven months of 2016 reached 3,285 units, up 12.4 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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To view the graph and tables associated with this release, please visit the following link: http://file.marketwire.com/release/1079355e.pdf