Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2016 08:15 ET

Toronto Housing Starts Remain Steady in March 2016

TORONTO, ONTARIO--(Marketwired - April 8, 2016) - Housing starts in the Toronto Census Metropolitan Area (CMA) trended at 41,916 units in March 2016 compared to 42,252 in February 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.

"The housing starts trend remained largely unchanged in Toronto this past March," said Dana Senagama, CMHC Principal Market Analyst for the GTA. "Home starts have been bolstered by a steady number of new apartment starts. What's more, low inventories of resale homes and strong new home sales over the past couple of years continue to encourage high-rise starts in Toronto".

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 55,988 units in March, up from 46,974 units in February. The increase was the result of greater apartment and row starts.

The City of Toronto recorded the highest number of starts within the Toronto CMA due to a large number of apartment starts in March. Markham recorded the next highest number of starts as a result of higher apartment units. This was followed by Brampton, where single-detached and row 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/1049956e.pdf

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