TORONTO, ONTARIO--(Marketwired - Dec. 8, 2016) - Housing starts in the Oshawa Census Metropolitan Area (CMA) trended lower at 2,521 in November 2016 compared to 2,662 in October 2016 according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts.
"Although total starts trended lower in the Oshawa CMA in November, overall starts activity remains healthy and in line with the same period a year ago. Very tight resale market conditions continue to result in spillover demand into the new home market," said Andrew Scott, CMHC's Senior Market Analyst for the GTA.
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 standalone monthly SAAR dropped to 1,488 units in November 2016 from 3,013 in October 2016. The decline in starts was evident across all housing forms.
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://media3.marketwire.com/docs/1079364E.pdf