TORONTO, ONTARIO--(Marketwire - May 9, 2011) - Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* centres moderated for the first time in four months in April. An estimated 65,600 residential housing units got started in the latest month, down from 71,300 units in March. Both single and multi family home construction, which includes semi detached, townhome and apartment dwellings dampened activity in April. For the year ending April,, new home construction in Ontario urban areas is running 9 per cent above levels for the same period one year ago.
"Despite some moderation in April construction activity, starts continue to run above trend levels," said Ted Tsiakopoulos, CMHC's Regional Economist. More balanced resale markets and rising mortgage carrying costs will temper the pace of construction activity in the months ahead," added Tsiakopoulos.
To view the graph associated with this release, please visit: http://media3.marketwire.com/docs/ontariograph-en.pdf.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions.
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| Ontario Starts, Urban 10,000 and Over - 2011 SAAR | ||||
| February | March | April | %Change | |
| Total | 63,400 | 71,300 | 65,600 | -8.0% |
| Single | 25,700 | 24,600 | 23,000 | -6.5% |
| Multiple | 37,700 | 46,700 | 42,600 | -8.8% |
| Ontario Actual Starts, Urban 10,000+ | ||||||
| April | Year-to-Date | |||||
| 2010 | 2011 | % Change | 2010 | 2011 | % Change | |
| Total | 5,213 | 5,292 | 1.5% | 16,127 | 17,549 | 8.8% |
| Single | 2,245 | 1,815 | -19.2% | 7,451 | 5,753 | -22.8% |
| Multiple | 2,968 | 3,477 | 17.1% | 8,676 | 11,796 | 36.0% |
Starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR)—that is, monthly figures
adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.
* refers to provincial starts in areas with population 10,000+ (urban)
Contact Information:
Ted Tsiakopoulos
(416) 218-3407
ttsiakop@cmhc.ca
Canada: Canada Mortgage and Housing Corporation
Charles Sauriol
(613) 748-2799
csauriol@cmhc.ca