Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 11, 2016 08:15 ET

Toronto Housing Demand Ramps Up in 2015

TORONTO, ONTARIO--(Marketwired - Jan. 11, 2016) - Housing starts in the Toronto Census Metropolitan Area (CMA) trended at 44,881 units in December compared to 45,843 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.

"While Toronto saw housing starts decrease in December, overall actual starts for the year increased by 46 per cent compared to 2014," said Andrew Scott, CMHC Senior Market Analyst for the GTA. "Not only did 2015 see apartment construction increase by 76 per cent in the region, it also saw single-detached and row home starts increase. Improving labour market conditions and lower mortgage rates ramped up housing demand in 2015."

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 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 24,852 units in December, down from 59,011 units in November. The decrease was the result of fewer apartment starts.

The City of Brampton recorded the highest number of starts among municipalities in December, as construction of new apartment units started. The municipality with the next highest number was the City of Toronto, that resulted from mostly single-detached and apartment units starts. The City of Toronto was followed by Vaughan, where single-detached construction was robust.

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.

This release is also available at www.cmhc.ca

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/1038945e.pdf

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