OTTAWA, October 8, 2010 — The seasonally adjusted annual rate1 of housing starts was 186,400 units in September, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 189,300 units in August.
“Housing starts moved lower in September due to a decrease in urban single starts in Atlantic Canada and Ontario,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Multiple starts were unchanged.”
The seasonally adjusted annual rate of urban starts decreased by 3.3 per cent to 163,200 units in September. Urban multiple starts were unchanged in September at 99,600 units, while single urban starts moved lower by 8.1 per cent to 63,600 units.
September’s seasonally adjusted annual rate of urban starts decreased by 23.7 per cent in Atlantic Canada and by 10.9 per cent in Ontario. Urban starts increased by 6.4 per cent in British Columbia, by 3.9 per cent in Quebec and by 0.6 per cent in the Prairie Region.
Rural starts2 were estimated at a seasonally adjusted annual rate of 23,200 units in September.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable homes. 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.
For more information, call 1-800-668-2642.
1 All starts figures in this release, other than actual starts, 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 makes it possible to highlight the fundamental trends of a series. 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.
2 CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.
Source: Canada Mortgage and Housing Corporation
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