Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2015 08:15 ET

September 2015 Housing Starts in Toronto

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2015) - Housing starts in the Toronto Census Metropolitan Area (CMA) trended at 45,810 units in September compared to 43,863, 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.

"Another month of significant apartment starts kept the trend number at its highest level since early 2013 while greater condominium apartment completions allowed developers to get started on new projects," said Dana Senagama, CMHC Principal Market Analyst for the GTA. "Growth in full-time employment and a tight resale market continue to support strong home buying activity."

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 stand alone monthly SAAR was 58,113 units in September, down from 65,115 units in August. This was largely the result of a smaller number of apartment and semi-detached starts this month.

The City of Toronto had the highest number of total starts, most of which were condominium apartment units. Oakville and Brampton have the next highest levels of starts with condominium apartment starts dominating the former and single-detached homes dominating the latter.

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.

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.

This release is also available at www.cmhc.ca

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/Toronto_CMHC_eng.pdf

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