TORONTO, ONTARIO--(Marketwired - Dec. 8, 2016) - Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending down at 560 units in November compared to 731 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 trend in total housing starts had been moving higher since April 2016, but reversed its direction during November, as starts of single-detached homes and multi-unit dwellings trended down. Employment was relatively unchanged over the past few months, contributing to the stabilization of housing demand," said Olga Golozub, CMHC's Market Analyst for Peterborough.
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 multi-unit segment includes apartment, row and semi-detached homes.
The standalone monthly SAAR was 410 units in November, down from 421 units in October, as an increase in single-detached homes couldn't offset the decline in multi-unit dwellings. Actual starts for the eleven months of 2016 increased 35 per cent from 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.
(Ce document existe également en français)
To view the graphs associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1208ptboe.pdf.