Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2010 08:15 ET

Ontario Home Starts Grow in November

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2010) - Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* centres grew strongly in November. An estimated 76,600 residential housing units broke ground, up from a revised 41,900 units in October. While single detached construction activity contributed to the November strength, multi-family home construction, which includes semi-detached, townhome and apartment units, was the big story in the latest month. Not surprisingly urban centres home to higher density construction activity which includes, Toronto, Hamilton and Ottawa posted notable increases from the same month one year ago. For the year, Ontario new home construction in urban areas is running 22 per cent above levels for the same period one year ago - largely the result of strength earlier in the year.

"Ontario residential construction activity in November was making up for lost ground in October with strong increases in the apartment and town home segments of the market," said Ted Tsiakopoulos, CMHC's Regional Economist. "However, it is unlikely that this above trend pace will be sustained as slower job growth, less first time buyer demand and more choice in resale markets will likely temper increases over the next few months," added Tsiakopoulos.

To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1208onte.jpg.

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

Ontario Starts, Urban 10,000 and Over - 2010 SAAR      
  September October November   % Change      
Total 54,900 41,900 76,600   82.8 %    
Single 21,200 20,100 24,900   23.9 %    
Multiple 33,700 21,800 51,700   137.2 %    
Ontario Starts, Urban 10,000 and Over, Actual, November and Year 2010  
  November   Year-to-Date  
  2009 2010 % Change   2009   2010 % Change  
Total 4,817 6,875 42.7 % 43,807   53,257 21.6 %
Single 2,520 2,327 -7.7 % 18,055   23,485 30.1 %
Multiple 2,297 4,548 98.0 % 25,752   29,772 15.6 %
 
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)

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Contact Information

  • Ontario: Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada: Canada Mortgage and Housing Corporation
    Charles Sauriol
    (613) 748-2799
    csauriol@cmhc.ca