Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2011 08:15 ET

Ontario Home Starts Grow in October

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:

*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%

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