Real Estate — November 8, 2012

October 2012 Housing Starts in Oshawa

TORONTO, ONTARIO--(Marketwire - Nov. 8, 2012) - Housing starts in Oshawa Census Metropolitan Area (CMA) were trending at 1,595 units in October, 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 1,588 units in October, up from 1,556 in September.

"More challenging local labour market conditions this year have had a dampening effect on new home sales activity. The relatively more affordable Clarington has outperformed," said Inna Breidburg, CMHC's Market Analyst for Oshawa CMA.

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.

Single-detached starts, which added 99 units in October 2012, were virtually unchanged from the number reported in October of last year. Due to a decline in multiple starts, total starts in the area were down by six per cent. Year-to-date total starts have reached 1,552 actual units. In Whitby and Clarington, starts this year remained ahead of the pace set last year.

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.

[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.

Additional data is available upon request.

(Ce document existe également en français)

To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/832797E.pdf

Contact Information

Market Analysis Contact:
Inna Breidburg
416 218-3425
ibreidbu@cmhc.ca

Media Contact:
Beth Bailey
416 218-3355
bbailey@cmhc.ca

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