Housing starts in the Guelph : Trending Up : May 2013Housing starts in the Guelph Census Metropolitan Area (CMA) were trending at 692 units in May compared to 645 in April 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.
"Weaker demand in late 2012 and early 2013 and current land shortages have combined to push single-detached starts lower. On the other hand, starts for the relatively more affordable townhouses and apartments have increased," said Erica McLerie, CMHC's Senior Market Analyst for the Guelph CMA.
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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 standalone monthly SAAR was 795 units in May, up from 530 in April.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables.
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