TORONTO, ONTARIO--(Marketwired - Oct. 8, 2013) - Housing starts in the Kitchener-Cambridge-Waterloo Census Metropolitan Area (CMA) were trending up at 2,323 units in September compared to 2,084 in August, 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.
"September was the strongest month this year for single-detached starts. However, the annual total for single-detached starts is still on pace to come in lower than in 2012. Detached home construction has gained some momentum recently, due to a tighter resale market", said Anthony Passarelli, CMHC's Market Analyst for Kitchener-Cambridge-Waterloo.
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 2,207 units in September, down from 4,586 in August.
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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1All 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:
Additional data is available upon request.
(Ce document existe également en français)
Tables and a graph are available at the following address: http://media3.marketwire.com/docs/waterlooeng.pdf