Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2016 08:15 ET

October 2016 Housing Starts in Barrie

TORONTO, ONTARIO--(Marketwired - Nov. 8, 2016) - Housing starts in the Barrie Census Metropolitan Area (CMA) were trending at 2,250 units in October, up from 2,091 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) of housing starts.

"The trend in Barrie CMA total housing starts increased in October, due to rising trends in starts of all home types. Builders continued to pour more foundations for all home types in all the three zones of the Barrie CMA. Spill-over housing demand from the Greater Toronto Area (GTA) has become a key factor in the demand for new homes in the Barrie CMA, while the scarcity of land in the City of Barrie and eroding homeownership affordability have encouraged developers to shift to more high-density residential construction in the CMA," said Abdellah Massaoudi, CMHC's Market Analyst for Barrie.

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, analyzing 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 standalone monthly SAAR was 1,449 units in October, down from 3,415 in September. October's decrease in the SAAR measure was due to a decrease in apartment starts.

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/1075531e_TABLES.pdf

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