Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 10, 2014 14:08 ET

October 2014 Housing Starts in Ontario

TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) - Housing starts in the Ontario region were trending at 56,000 units in October, down from 58,412 units in September, 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.

The SAAR of total urban housing starts was 50,384 units in October, down from 51,415 units in September. Most Ontario urban centers posted declines in the latest month. For the year ending October, Ontario raw urban starts were five per cent below levels for the same period one year ago.

"Residential construction activity eased in October largely due to declining activity in the high-rise construction sector. Low rise starts remained stable. The trend in condominium construction activity continues to slow as builders channel demand towards existing inventories and as the backlog of apartment sales that have yet to break ground eases. Nevertheless, improving labour market conditions, tighter resale markets and low interest rates will support Ontario home starts over the next year," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

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.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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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A table and a graph are available at the following address:

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