Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 11, 2016 08:15 ET

Toronto Housing Starts Increase in June 2016

TORONTO, ONTARIO--(Marketwired - July 11, 2016) - Housing starts in the Toronto Census Metropolitan Area (CMA) trended higher at 40,861 units in June 2016 compared to 37,377 in May 2016 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.

"As apartment construction picked up pace in June, so too did overall housing starts in Toronto," said Dana Senagama, CMHC's Principal Market Analyst for the GTA. "New home starts also remain strong due to limited supply in the resale market, pushing buyers to purchase from the new market."

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 45,848 units in June, up from 33,185 units in May. The increase was mainly as a result of more apartment starts.

The City of Toronto recorded the highest number of starts within the Toronto CMA primarily due to higher apartment starts. This was followed by Brampton and Vaughan where more single-detached and row home starts were prevalent.

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/1062128a.pdf

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