September 2012 Ontario housing starts
TORONTO, ONTARIO`(Marketwire ` Oct. 9, 2012) - Housing starts in Ontario were trending at 80,600 units in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)[sup]1[/sup] of housing starts. The standalone monthly SAAR was 70,486 units in September, down from 86,189 units in August.
`As was widely expected, Ontario home construction, led by the apartment sector, moved lower closer to levels consistent with demographic demand. While home construction will remain elevated over the next several months, starts should moderate further. Modest job growth versus the recent past, better supplied resale markets combined with a high level of units under construction are headwinds for the residential construction industry,` said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
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.
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