Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2014 08:15 ET

September 2014 Housing Starts in Ontario

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2014) - Housing starts in the Ontario region were trending at 58,516 units in September, compared to 56,165 units in August, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of housing starts.

The SAAR of total urban housing starts was 51,759 units in September, up from 49,208 units in August. Despite a decline in activity in Ontario's largest market (Toronto), more urban Ontario centers registered gains - led by gains in Hamilton and Kitchener. For the year ending September, Ontario raw urban starts were two per cent below levels for the same period one year ago.

"Residential construction activity moved higher in September largely due to increasing activity in the multi-unit segment of the housing market. High density construction has been proliferating beyond traditional high density markets such as Toronto and Ottawa in the past year. Rising home prices and modest growth in the Ontario labour market are factors supporting demand for less expensive housing. While conditions in the job market should improve, the shift to less expensive housing will gain momentum through 2015," 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.

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

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. 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.

Follow CMHC on Twitter @CMHC_ca

1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

(Ce document existe également en français)

Tables and a graph are available at the following address:

Contact Information

  • Market Analysis Contact:
    Cell: 416-579-4992

    Media Contact:
    Cell: 416-988-4615