Housing starts in the Toronto Census Metropolitan Area (CMA) were trending at 33,184 units in September compared to 33,807 in August according to Canada Mortgage and Housing Corporation

Housing starts in the Toronto Census Metropolitan Area (CMA) were trending at 33,184 units in September compared to 33,807 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. "The trend in housing starts has settled close to the long-term rate of household formation in Toronto of approximately 34,000 and within the range of 32,000 to 37,000.

This reflects a situation in which the supply of new housing roughly matches the need for additional housing due to growth in the population," said Ed Heese, CMHC's Toronto Senior Market Analyst. 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 25,055 units in September, down from 40,374 in August. The decline this month was mostly due to a moderation in condominium apartment and row house starts.


Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables