TORONTO, ONTARIO--(Marketwired - Nov. 8, 2016) - Housing starts in the Oshawa Census Metropolitan Area (CMA) trended higher at 2,657 in October 2016 compared to 2,571 in September 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.
"Improved economic growth and transit connections with employment centres in the Toronto CMA continue to keep housing demand strong in Oshawa CMA. The area particulary attracts price sensitive first-time buyers seeking affordable low-rise housing," 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 jumped to 2,989 units in October 2016 from 2,135 in September 2016. While all ground-oriented homes registered increases, townhome starts were the main driving force behind strong growth this month.
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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Two tables and a graph are available at the following address: http://media3.marketwire.com/docs/2016_11_08_0815_EOA_OSHAWA.pdf