Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2014 08:15 ET

September 2014 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2014) - Housing starts in Oshawa Census Metropolitan Area (CMA) were trending virtually the same at 1,823 units in September compared to 1,827 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 decline in total housing starts in September was a result of fewer multi-family dwellings starts. Single detached home starts posted a healthy increase and they have been gaining strength since mid 2014, accounting for a higher share of new home construction in the Oshawa CMA. The relatively lower prices of single detached homes in Oshawa compared to the rest of Toronto continue to attract many home buyers," said Dana Senagama, CMHC's Oshawa Senior Market Analyst.

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 standalone monthly SAAR was 1,824 units in September, down from 1,972 in August.

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.

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/971945a.pdf

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