TORONTO, ONTARIO--(Marketwired - Oct. 11, 2016) - Housing starts in the Guelph Census Metropolitan Area (CMA) were trending down at 1,308 units in September compared to 1,374 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) of housing starts.
"The decrease in total housing starts trend in September was due to fewer starts of single-detached homes and apartments. A limited supply of registered lots for single-detached housing has meant a lower trend for this housing type. Although trending lower, apartment starts remain above average," said Erica McLerie, Senior Market Analyst at CMHC. "In-migration and a very tight resale market have meant strong demand for new homes."
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 multiples segment includes apartments, rows and semi-detached homes.
The SAAR of total housing starts was 825 units in September, up from 420 units in August due to a higher number of starts for all housing types. Actual total housing starts for the first nine months of 2016 reached 865 units, up three per cent compared to the same period in 2015.
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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A graph and tables are available at the following link: http://media3.marketwire.com/docs/1071995e.pdf.