Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2016 08:15 ET

October 2016 Housing Starts in Ottawa

OTTAWA, ONTARIO--(Marketwired - Nov. 8, 2016) - Housing starts in the Ottawa Census Metropolitan Area (CMA) were trending at 6,179 units in October compared to 5,667 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) of housing starts.

"Housing starts trended up in October for all dwelling types with the largest increase for apartment starts. While condominium apartment starts drove apartment activity this month, year-to-date starts for this dwelling remain 27 per cent below their level over the same period last year. Condominium starts this year are expected to remain muted as the inventory overhang clears," said Anne-Marie Shaker, CMHC's Senior Market Analyst for Ottawa.

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 monthly SAAR measure was 6,937 in October, down from 8,462 in September, primarily due to a decline 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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/E1075543.pdf

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