Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2011 08:15 ET

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 %

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