Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 08, 2016 14:10 ET

Ontario Housing Starts Ease in August

TORONTO, ONTARIO--(Marketwired - Sept. 8, 2016) - Housing starts in the Ontario region were trending at 73,731 units in August, down from 74,867 units in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The Ontario residential construction trend eased in August due to the more volatile apartment sector and to a lesser extent easing construction of low density homes. However, housing starts remained elevated. An improved economy, less choice in the resale market and low rental vacancy rates continue to exert upward pressure on starts," said Ted Tsiakopoulos, CMHC's Ontario Regional Economist.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The SAAR of total urban housing starts declined to 69,328 units in August, down from 72,493 units in July. For the period ending August 2016, Ontario urban home starts are running 11 per cent higher versus the same period one year ago.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request.

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To view the graph and the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/1068684e.pdf

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