TORONTO, ONTARIO--(Marketwire - Nov. 8, 2011) - The Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* centres moved higher in October. An estimated 70,500** residential housing units got started in the latest month, up from 63,100 units in September. Single detached home construction moved lower while multi-family home construction, which includes semi detached homes, townhomes and apartments edged higher. For the year ending October, new home construction in Ontario urban areas is running 17 per cent above levels this time last year.
"Ontario residential construction activity showed surprising strength into October and continues to exceed demographic demand", said Ted Tsiakopoulos, CMHC's Ontario Regional Economist. "The trend setting single detached housing sector moderated suggesting a weakening trend in construction activity. Uncertainty in global financial markets, slower job growth and more choice in resale markets should temper the pace of construction activity in the months ahead, " added Tsiakopoulos.
A graph titled "Ontario Urban SAAR Starts, 000s" is available at the following address: http://media3.marketwire.com/docs/742870.jpg.
*Refers to provincial starts in areas with population 10,000+ (urban)
**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
As Canada's national housing agency, CMHC draws on over 65 years of experience to help Canadians access a variety of high 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 informed decisions.
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| Ontario Starts, Urban 10,000 and Over - 2011 SAAR | ||||||
| August | September | October | %Change | |||
| Total | 65,400 | 63,100 | 70,500 | 11.7% | ||
| Single | 24,400 | 24,500 | 23,900 | -2.4% | ||
| Multiple | 41,000 | 38,600 | 46,600 | 20.7% | ||
| Ontario Actual Starts, Urban 10,000+ | ||||||
| October | Year-to-Date | |||||
| 2010 | 2011 | % Change | 2010 | 2011 | % Change | |
| Total | 3,855 | 6,286 | 63.1% | 46,462 | 54,413 | 17.1% |
| Single | 1,952 | 2,193 | 12.3% | 21,193 | 19,974 | -5.8% |
| Multiple | 1,903 | 4,093 | 115.1% | 25,269 | 34,439 | 36.3% |
Contact Information:
Ted Tsiakopoulos
(416) 218-3407
ttsiakop@cmhc.ca
Canada:
Charles Sauriol
(613) 748-2799
csauriol@cmhc.ca