Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 10, 2017 08:15 ET

Ontario Housing Starts Grew in 2016

TORONTO, ONTARIO--(Marketwired - Jan. 10, 2017) - Housing starts in the Ontario region were trending at 71,096 units in December, down from 72,427 units in November, 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.

"Despite a second consecutive monthly decline in the residential construction trend in December, Ontario housing starts grew in 2016 to one of the highest levels in over a decade. Single detached starts drove starts activity while condo construction eased last year from exceptionally strong levels in 2015. Stronger growth in the Ontario economy, low vacancy rates and less choice in the resale market, particularly for single family homes, pushed starts higher in 2016," 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 was 76,890 units in December, up from 55,960 units in November. For the year 2016, Ontario urban home starts grew by five per cent with single detached units leading the way. South western Ontario urban centers posted stronger growth while selected northern and eastern Ontario centers registered more mild increases in starts.

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 tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1082248e.pdf

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