April 2015 Housing Starts in Toronto
Posted by: Toronto Real Estate Admin / Category: News BulletinTORONTO, May 8, 2015 — Housing starts in the Toronto Census Metropolitan Area (CMA) trended higher at 32,538 units in April compared to 30,303 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.
“The upward trend in housing starts was driven by all housing types.” said Dana Senagama, CMHC’s Principal of Market Analysis for the GTA. “Strong high rise completions so far this year have enabled builders to channel more resources towards breaking ground on new projects. Moreover, building has begun on a high number of low rise homes sold prior to construction in the second half of 2014 – particularly single detached and town- homes – and these can now be counted as housing starts.”
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 stand alone monthly SAAR was 38,855 units in April, down from 46,070 units in March. This was the result of a decrease in apartment starts this month.
The City of Toronto and the City of Markham recorded the first and second highest number of starts respectively in the CMA. Both of these municipalities had a significant number of condominium apartment starts. The next highest number of starts occurred in the City of Brampton, which saw the largest number of low rise units begin construction.
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.
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.
Information on this release:
Market Analysis Contact:
Dana Senagama
416-218-3328
dsenagam@cmhc.ca
Media Contact:
Angelina Ritacco
416-218-3320
aritacco@cmhc.ca
Follow CMHC on Twitter @CMHC_ca
Additional data is available upon request.
Source: CMHC
1 Census Metropolitan Area
2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR).
Detailed data available upon request
Source: CMHC
Source: CMHC
Article source: http://www.cmhc.ca/en/corp/nero/nere/2015/2015-05-08-0816b.cfm
Tags: Toronto House, Toronto Housing, Toronto Realtor