Toronto, April 9, 2013 - Housing starts in Toronto Census Metropolitan Area (CMA) were trending at 36,700 units in March, 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.
“After trending lower over the past several months, new home construction in Toronto is now in line with longer-term averages. Fewer condo starts will continue to limit construction activity in 2013, however increased ownership demand in the second half of the year is expected to keep levels close to the current trend,” said Shaun Hildebrand, CMHC’s Senior Market Analyst for 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 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 standalone monthly SAAR was 28,500 units in March, down from 42,400 in February.
Preliminary Housing Starts data is also available in English and French at the following link:
Preliminary Housing Starts Tables
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
“After trending lower over the past several months, new home construction in Toronto is now in line with longer-term averages. Fewer condo starts will continue to limit construction activity in 2013, however increased ownership demand in the second half of the year is expected to keep levels close to the current trend,” said Shaun Hildebrand, CMHC’s Senior Market Analyst for 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 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 standalone monthly SAAR was 28,500 units in March, down from 42,400 in February.
Preliminary Housing Starts data is also available in English and French at the following link:
Preliminary Housing Starts Tables
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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