November 8, 2012 Housing starts
OTTAWA, November 8, 2012 Housing starts in Canada were trending at 218,392 units annually in October, according to Canada Mortgage and Housing Company. The trend is a six month moving average of the seasonally altered annual rates ( SAAR ) 1 of housing starts.
“The monthly drop off in total housing starts posted in October was typically thanks to a fall in both single and multiple starts in urban centers in Quebec and the Prairies. Multiple starts also declined in numerous urban centers in Ontario, more than balancing an increase in such starts in Toronto,” said Mathieu Laberge, Deputy Chief Financial consultant at CMHC. In some situations, analyzing only SAAR info can be inaccurate as they are largely driven by the multiples portion of the markets which can sometimes be quite variable from one month to the next.
CMHC uses the trend measure as a complement to the monthly SAAR of housing begins to account for considerable swings in monthly guesses and get a more complete image of the state of the housing market.
October’s seasonally changed annual rate of urban starts decreased in all regions in October, declining by 1.5 % in English Columbia, 6.4 per cent in Ontario, 12.3 per cent in the Prairies, 16.8 per cent in Atlantic Canada and 16.9 percent in Quebec.
The seasonally altered yearly rate of urban starts decreased by 10.1 % to 182,134 units in October.