Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2016 08:15 ET

October 2016 Housing Starts in Sudbury

THUNDER BAY, ONTARIO--(Marketwired - Nov. 8, 2016) - Housing starts in the Greater Sudbury Census Metropolitan Area (CMA) were trending at 376 units in October, up from 310 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.

"The trend in housing starts in October climbed for the fourth time in ten months in Greater Sudbury, driven, once again, by relative strength in the multiples segment of the market, which include semi-detached, row and apartment units. Relatively strong wage growth, low interest rates and some pent-up demand for higher density housing are supporting housing starts increases," said Warren Philp, CMHC's Market Analyst for Sudbury.

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.

The standalone monthly SAAR was 398 in October, up from 331 in September, mainly due to an increase in purpose-built rental 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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A table and a graph are available at the following address: http://media3.marketwire.com/docs/2016_11_08_815_EOS_SUDBURY.pdf

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