"While total residential construction activity remained stable in May, low density starts, which includes single detached, semi detached and row construction reached their highest levels in over a year. Low resale and new home inventories for low density housing, continued low interest rates and improving income growth remain supportive of low density construction across the province," said
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 SAAR of total housing starts was 63,904 units in May, in line with 63,910 units in April. While provincial starts remained stable, over half of
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
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(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Additional data is available upon request.
(Ce document existe egalement en francais)
A tables and a graph are available at the following address: http://media3.marketwire.com/docs/950782a.pdf
FOR FURTHER INFORMATION PLEASE CONTACT: Market Analysis Contact:
Ted Tsiakopoulos416-218-3407 Cell: 416-579-4992 firstname.lastname@example.org Media Contact: Beth Bailey416-218-3355 Cell: 416-988-4615 email@example.com Source: Canada Mortgage and Housing Corporation