According to Canada Mortgage and Housing Corporation (CMHC), the trend measure of housing starts in Canada was 197,747 units in September compared to 191,095 in August. The trend is a six-month average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Bob Dugan, CMHC's Chief Economist, says the increase in the trend reflects stronger starts activity since April, which is largely concentrated in multi-unit dwellings, including condos. "The currently elevated level of condominium units under construction supports our view that condominium starts should trend lower over the coming months," he adds.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and to obtain a more complete picture of the state of the housing market.
The standalone monthly SAAR was 197,343 units in September, up only slightly from 196,283 in August.