OTTAWA, ONTARIO--(Marketwired - Oct. 8, 2015) - Housing starts in the Ottawa Census Metropolitan Area (CMA) were trending at 5,569 units in September compared to 4,940 units 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.
"Housing starts trended up in September compared to the previous month, driven mainly by single-detached and apartment starts. The bulk of the apartment starts were rental apartments, as builders limited condominium starts to wind down their inventories. Housing demand has been supported by rising full-time employment so far this year," said Anne-Marie Shaker, CMHC's Market Analyst for Ottawa.
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.
In Ottawa, the monthly SAAR measure was 5,413 in September up from 5,016 in August, as the increase in apartments more than offset the decrease in row homes.
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.
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Additional data is available upon request.
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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.
To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/Ottawa_CMHC_eng.pdf