Ontario Home Starts Moderate in September

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - The Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban* centres inched lower in September. An estimated 63,000** residential housing units got started in the latest month, down from a revised 65,300 units in July. Single detached home construction remained steady while multi-family home construction, which includes semi detached homes, townhomes and apartments edged lower. More major urban areas posted increases versus declines from the same month one year ago. For the year ending September, new home construction in Ontario urban areas is running 13 per cent above levels this time last year.

"Ontario residential construction activity has moderated for a second consecutive month. 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," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

To view the image, "Ontario Urban SAAR Starts, 000s," please visit the following link:

http://media3.marketwire.com/docs/ont.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 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
	July	August	September	% Change
Total	74,700	65,300	63,000	-3.5	%
Single	26,000	24,600	24,700	0.4	%
Multiple	48,700	40,700	38,300	-5.9	%

Ontario Actual Starts, Urban 10,000+
	September				Year-to-Date
	2010	2011	% Change		2010	2011	% Change
Total	4,886	5,467	11.9	%	42,607	48,125	13.0	%
Single	1,996	2,231	11.8	%	19,241	17,779	-7.6	%
Multiple	2,890	3,236	12.0	%	23,366	30,346	29.9	%