TORONTO, ONTARIO--(Marketwire - Dec. 10, 2012) - Housing starts in Peterborough Census Metropolitan Area (CMA) were trending at 477 units in November, 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 standalone monthly SAAR was 345 units in November, down from 900 in October.
"Construction slowed down this month but starts still exceeded the total reached in November 2011. Starts in the previous two months were much higher than historical levels due to an unusual number of apartment starts. There were no apartment starts this month compared to 29 in October and 65 in September. Despite a lethargic second quarter of 2012, year-to-date starts are now slightly higher than in 2011 given the recent upward trend," said Anthony Passarelli, CMHC's Market Analyst for Peterborough.
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.
Single-detached starts added 20 actual units in November 2012. Multiple starts totalled 6 actual units in November, up from 2 units reported in November of last year. Year-to-date total starts have reached 327 actual units with activity more evenly split between both singles and multiple starts than in 2011.
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.
Additional data is available upon request.
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To view the tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/cmhc1210ptbote.pdf.
||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.