OTTAWA, ONTARIO--(Marketwired - Nov. 10, 2014) - Housing starts in Ottawa Census Metropolitan Area (CMA) were trending at 6,755 units in October compared to 6,205 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.
"October new construction numbers trended up from the previous month as starts rose across the board. The most significant increase this month came from apartment starts where 147 rental units boosted activity in this dwelling type. Condo apartment starts remained muted as high number of completed apartments are yet to be absorbed," said Sandra Perez Torres, Senior Market Analyst for Eastern and Northern Ontario.
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.
In Ottawa, the standalone monthly SAAR was 6,461 units in October up from 5,099 units in September.
This month, the city core captured the lion's share of construction activity due to the concentration of apartment starts in the area. The bulk of the remaining activity was almost evenly split between the submarkets of Gloucester outside the greenbelt (OTG), Nepean (OTG) and Kanata, with a 19 per cent, 18 per cent and 17 per cent share respectively for each. Activity in Gloucester (OTG) and Nepean (OTG) was driven mostly by row construction, while Kanata`s construction was driven by single-detached starts. Year-to-date Nepean (OTG) is still in the lead with 21 per cent of total market activity.
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
Additional data is available upon request.
(Ce document existe également en français)
| (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. |
Tables and a graph are available at the following address: http://media3.marketwire.com/docs/OttENG.pdf
Contact Information:
Sandra Perez-Torres
Senior Market Analyst
613-748-5120
sperezto@cmhc.ca
Media Contact:
Beth Bailey
Consultant, Communications and Marketing
416-218-3355
Cell: 416-988-4615
bbailey@cmhc.ca