Peterborough CMA. Highlights. Peterborough CMA Housing Starts. Date Released: Fourth Quarter Highlights. SubSCribe Now!

Transcription

1 H o u s i n g M a r k e t I n f o r m a t i o n Housing Now Peterborough CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Table of Contents Date Released: Fourth Quarter Highlights Highlights Housing starts trend is flat. Existing home sales at highest level since second quarter Increasing supply keeps market balanced. 2 New Home Market 2 Existing Home Market 3 Intra-Provincial Migration Adds to Population 4 Maps Figure 1 Number of Starts Peterborough CMA Housing Starts 10 Tables 0 Sep-12 Sep-13 Sep-14 Housing Starts, SAAR* Source: CMHC Housing Starts and Completion Survey *SAAR 1 : Seasonally Adjusted Annual Rate. **The trend is a six-month moving average of the monthly SAAR. Trend Line, 6-Month Moving Average** 1 The seasonally adjusted annual rate (SAAR) is a monthly figure for starts adjusted to remove normal season variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. 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. SubSCribe Now! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View, print, download or subscribe to get market information ed to you on the day it is released. CMHC s electronic suite of national standardized products is available for free. Housing market intelligence you can count on

2 New Home Market Housing starts in the Peterborough Census Metropolitan Area (CMA) were trending lower at 22 units in September compared to 239 units in August. Although this was the third consecutive monthly decline, the changes were small and the trend has been essentially flat for the last five months. The decrease in September was entirely due to fewer starts of single-detached homes. Figure 2 Starts Peterborough CMA Housing Starts Apartments Semi & Row Singles During the months of July to September, 6 homes were started. Almost 8 per cent of total starts were single-detached homes. Multiunit housing construction did not keep pace and captured only 13 per cent of housing activity. All multi-unit housing starts were row housing. There were no apartment starts during the nine months of Demand for apartments is growing at a slow rate in Peterborough so one apartment building can produce enough supply to satisfy demand for a considerable period. On a submarket basis, starts in only one of Peterborough s submarkets, Smith-Ennismore-Lakefield Township, were ahead of last year. Starts in three other markets edged lower, including the City of Peterborough. There was not any construction activity in Otonabee-South Monaghan Township. The average price of single-detached homes completed increased 11 per cent from $300,533 in Q to $333,061 in Q3 2014, which is still slightly below the Q levels of $340,95. After reaching this record, the average price of newly constructed singles has been declining continuously every quarter for the five consecutive quarters until Q In the third quarter of 2014, almost 2 per cent of all the homes completed had prices above $300,000. A year prior to that, 43 per cent of the homes completed in the quarter were in this price range while the majority of homes completed (5 per cent) had prices below $300,000. The median price increased at a rate similar to the average price, an indication that the prices were up for most new homes. MLS Sales, SAAR 0 Source: CMHC Figure 3 3,400 3,000 2,600 2,200 1, Existing Home Market In the third quarter 2014, seasonally adjusted existing home sales in Peterborough CMA advanced to their highest level in two years. Sales strengthened in response to improving job growth and a drop in mortgage rates early in the second quarter. Home sales have completely recovered from the decline earlier this year due to a cold winter Peterborough MLS Sales* and Average Price* Sales, SAAR Average Price, Seasonally Adjusted 1, $300 $260 $220 $180 $140 $100 Source: CMHC adapted from CREA (MLS ) * Both sales and prices are seasonally adjusted. In addition, quarterly sales data are multiplied by 4 to show an annual rate. MLS is a registered trademark of the Canadian Real Estate Association MLS Avg Price ($000s) 2

3 and a delayed spring. Year-to-date, approximately 2,060 homes have changed hands across the CMA, an increase of one per cent from the first nine months of New listings followed the same trend as sales, finishing higher than in the third quarter of After seasonal adjustment, new listings increased at the same rate as sales, causing the sales-to-new listings ratio remain at 51 per cent. The sales-to-new listings ratio is an indicator of the balance between demand and supply and 51 per cent indicates that Peterborough s resale market remains balanced with conditions favouring neither buyers nor sellers. Although the market was balanced, the seasonally adjusted price declined from $282,043 in the previous quarter to $28,231 in the third quarter of 2014, because lower-priced homes formed a larger share of sales. The 1.4 per cent decline occurred after the seasonally adjusted price had reached a record in the previous quarter. ith stronger employment and growing income actual third quarter prices through the Peterborough and the Kawarthas Association of Realtors increased by almost four per cent when compared to the same quarter last year. Peterborough s labour market is stronger this year. There were 4,000 jobs created since the end of third quarter of The seasonally adjusted unemployment rate has dropped to.3 per cent from 9. percent at the end of the previous quarter. Additionally, most of the gains were recorded in the full time employment, which is a supporting factor for housing demand. Intra-Provincial Migration Adds to Population The main determinant of the demand for new housing is population growth, although other factors, like incomes, price of housing, cost and availability of credit, consumer preferences, investor preferences, price of substitutes, and price of complements, all play a role. In Peterborough CMA, migration is the main driver of population growth, because the natural increase in population has been negative for many years, with deaths exceeding births. In fact, without migration the population in Peterborough CMA would have declined. Over the last six years, intraprovincial migration contributed the most to population growth in Peterborough CMA. On average, 620 people per year were moving to the area during this period. The other growth-contributing component was international migration, which added close to 155 people on average on an annual basis. Outflows to other Canadian provinces (interprovincial migration) and natural decrease offset some of the gains from international and intraprovincial migration. As a result, population increased by about Figure ,000 people between July 1, 200 and June 30, The steadiest contribution to population growth came from Toronto CMA, whose residents continue to find Peterborough housing attractive from a pricing perspective. Other areas in Ontario that contributed to Peterborough s population gains are small surrounding towns and cities. People from these smaller areas move to Peterborough either for employment opportunities or to be near core services like hospitals. Migration Supports Population Growth Intra-Provincial International Inter-Provincial 3

4 A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Number of Starts (Multiples) 9 starts No starts Legend N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A 4

5 H A Y A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Number of Starts (Singles) starts 16-2 starts 3-15 starts No starts Legend N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A 5

6 H A Y A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Total Number of Starts starts starts 3-18 starts No starts Legend N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A 6

7 A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Number of Starts (Multiples) January - September starts No starts Legend N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A

8 H A Y A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Number of Starts (Singles) January - September 2014 Legend starts 40-1 starts - 39 starts No starts N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A 8

9 H A Y A ST 8 12 Km A Cavan-MillbrookNorth Monaghan Township 11 5 ER PET RO BO UG SS YPA HB Peterborough City Smith-EnnismoreLakefield Douro-Dummer Township 28 OtonabeeSouth Monaghan 134 HI GH NT KE Peterborough CMA Total Number of Starts January - September 2014 Legend starts starts - 45 starts No starts N GH HI Housing Now - Peterborough CMA - Date Released - Fourth Quarter 2014 A 9

10 HOUSING NO REPORT TABLES Available in ALL reports: 1 Housing Starts (SAAR and Trend) 1.1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.3 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by Submarket and by Intended Market Current Month or Quarter 2.5 Starts by Submarket and by Intended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by Submarket and by Intended Market Current Month or Quarter 3.5 Completions by Submarket and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation 10

11 Table 1: Housing Starts (SAAR and Trend) Peterborough CMA 1 Annual Monthly SAAR Trend July 2014 Aug Sept July 2014 Aug Sept Single-Detached Multiples Total Quarterly SAAR Actual 2014 Q Q Q Q3 % change 2013 Q Q3 % change Single-Detached % % Multiples % % Total % % Source: CMHC 1 Census Metropolitan Area 2 The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) Detailed data available upon request 11

12 Table 1.1: Housing Activity Summary of Peterborough CMA Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Q Q % Change n/a n/a n/a n/a Year-to-date Year-to-date % Change -9.4 n/a 66. n/a n/a n/a UNDER CONSTRUCTION Q Q % Change n/a 90.9 n/a COMPLETIONS Q Q % Change n/a n/a n/a n/a n/a Year-to-date Year-to-date % Change 4.3 n/a.1 n/a n/a ** 13.0 COMPLETED & NOT ABSORBED Q n/a n/a 28 Q n/a n/a 14 % Change n/a n/a n/a ** n/a n/a ABSORBED Q n/a n/a 98 Q n/a n/a % Change -3.3 n/a n/a n/a n/a n/a 2.3 Year-to-date n/a n/a 220 Year-to-date n/a n/a 244 % Change.6 n/a n/a n/a n/a -9.8 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 12

13 Table 1.2: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row STARTS Peterborough City Q Q Cavan Monaghan TP Q Q Douro-Dummer TP Q Q Otonabee-South Monaghan TP Q Q Smith-Ennismore-Lakefield TP Q Q Peterborough CMA Q Q UNDER CONSTRUCTION Peterborough City Q Q Cavan Monaghan TP Q Q Douro-Dummer TP Q Q Otonabee-South Monaghan TP Q Q Smith-Ennismore-Lakefield TP Q Q Peterborough CMA Q Q Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.2: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Peterborough City Q Q Cavan Monaghan TP Q Q Douro-Dummer TP Q Q Otonabee-South Monaghan TP Q Q Smith-Ennismore-Lakefield TP Q Q Peterborough CMA Q Q COMPLETED & NOT ABSORBED Peterborough City Q n/a n/a 2 Q n/a n/a 14 Cavan Monaghan TP Q n/a n/a 0 Q n/a n/a 0 Douro-Dummer TP Q n/a n/a 0 Q n/a n/a 0 Otonabee-South Monaghan TP Q n/a n/a 0 Q n/a n/a 0 Smith-Ennismore-Lakefield TP Q n/a n/a 1 Q n/a n/a 0 Peterborough CMA Q n/a n/a 28 Q n/a n/a 14 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.2: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Peterborough City Q n/a n/a 91 Q n/a n/a 5 Cavan Monaghan TP Q n/a n/a 0 Q n/a n/a 3 Douro-Dummer TP Q n/a n/a 5 Q n/a n/a 5 Otonabee-South Monaghan TP Q n/a n/a 0 Q n/a n/a 0 Smith-Ennismore-Lakefield TP Q n/a n/a 2 Q n/a n/a 12 Peterborough CMA Q n/a n/a 98 Q n/a n/a Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Single Table 1.3: History of Housing Starts Peterborough CMA Ownership Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row % Change 13. n/a 16. n/a % Change n/a n/a ** % Change n/a n/a n/a ** % Change.0 n/a 0.0 n/a ** n/a % Change -4.3 n/a n/a % Change n/a n/a n/a % Change 14.5 n/a n/a 59.0 n/a n/a % Change -3.0 n/a 51.4 n/a 25.8 n/a ** % Change -4. n/a n/a n/a 55.0 n/a ** Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 16

17 Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP n/a Smith-Ennismore-Lakefield TP ** Peterborough CMA Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP n/a Smith-Ennismore-Lakefield TP Peterborough CMA Source: CMHC (Starts and Completions Survey) 1

18 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market Freehold and Condominium Row Q Q Q Q Q Q Q Q Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Rental Freehold and Condominium Apt. & Other Rental Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - September 2014 Freehold and Condominium Row Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Rental Freehold and Condominium Apt. & Other Rental Table 2.4: Starts by Submarket and by Intended Market Submarket Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Table 2.5: Starts by Submarket and by Intended Market January - September 2014 Submarket Freehold Condominium Rental Total* Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Source: CMHC (Starts and Completions Survey) 18

19 Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP n/a Smith-Ennismore-Lakefield TP Peterborough CMA Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - September Single Semi Row Apt. & Other Total % Change Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP n/a Smith-Ennismore-Lakefield TP Peterborough CMA Source: CMHC (Starts and Completions Survey) 19

20 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market Submarket Freehold and Condominium Row Q Q Q Q Q Q Q Q Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Rental Freehold and Condominium Apt. & Other Rental Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - September 2014 Submarket Freehold and Condominium Row Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Rental Freehold and Condominium Apt. & Other Rental Table 3.4: Completions by Submarket and by Intended Market Submarket Freehold Condominium Rental Total* Q Q Q Q Q Q Q Q Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Table 3.5: Completions by Submarket and by Intended Market January - September 2014 Submarket Freehold Condominium Rental Total* Peterborough City Cavan Monaghan TP Douro-Dummer TP Otonabee-South Monaghan TP Smith-Ennismore-Lakefield TP Peterborough CMA Source: CMHC (Starts and Completions Survey) 20

21 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $250,000 Units Share (%) $250,000 - $299,999 Share Units (%) $300,000 - $349,999 Share Units (%) $350,000 - $399,999 Share Units (%) $400,000 + Median Average Total Price ($) Price ($) Share Units (%) Peterborough City Q , ,844 Q , ,54 Year-to-date , ,441 Year-to-date ,900 31,392 Cavan Monaghan TP Q n/a 0 n/a 0 n/a 0 n/a 0 n/a Q Year-to-date Year-to-date Douro-Dummer TP Q Q Year-to-date , ,800 Year-to-date , ,825 Otonabee-South Monaghan TP Q n/a 0 n/a 0 n/a 0 n/a 0 n/a Q n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date n/a 0 n/a 0 n/a 0 n/a 0 n/a Smith-Ennismore-Lakefield TP Q n/a 0 n/a 0 n/a 0 n/a 0 n/a Q Year-to-date Year-to-date , ,933 Peterborough CMA Q , ,061 Q , ,533 Year-to-date , ,824 Year-to-date , ,813 Source: CMHC (Market Absorption Survey) 21

22 Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change % Change Peterborough City 318, , ,441 31, Cavan Monaghan TP n/a n/a Douro-Dummer TP n/a 383, , Otonabee-South Monaghan TP n/a n/a Smith-Ennismore-Lakefield TP n/a ,933 n/a Peterborough CMA 333, , , , Source: CMHC (Market Absorption Survey) 22

23 Table 5: MLS Residential Activity for Peterborough Number of Sales 1 Yr/Yr 2 (%) Sales SA 1 Number of New Listings 1 New Listings SA 1 Sales-to- New Listings SA 2 Average Price 1 ($) Yr/Yr 2 (%) Average Price 1 ($) SA 2013 January , ,43 February , ,536 March , ,101 April , ,140 May , ,814 June , ,809 July , ,344 August , ,393 September , ,045 October , ,823 November , ,622 December , , January , ,362 February , ,511 March , ,281 April , ,411 May , ,885 June , ,902 July , ,24 August , ,202 September , ,118 October November December Q ,326 24, Q , , , , , , , , MLS is a registered trademark of the Canadian Real Estate Association (CREA). 1 Source: CREA 2 Source: CMHC, adapted from MLS data supplied by CREA 23

24 Table 6: Economic Indicators Interest Rates Peterborough Labour Market NHPI, CPI, 2002 Mortgage Rates Total, P & I =100 Average (%) (Ontario) Employment Unemployment Participation Per (Ontario) eekly 1 Yr. 5 Yr. 200=100 SA (,000) Rate (%) SA Rate (%) SA $100,000 Earnings ($) Term Term 2013 January February March April May June July August September October November December January February March April May June July August September October November December "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CMHC, adapted from Statistics Canada (CANSIM), Statistics Canada (CANSIM) 24

25 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2011 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modeled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. hen a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. 25

26 DELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions. 26

27 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 65 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. e are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at or follow us on Twitter, YouTube and Flickr. You can also reach us by phone at or by fax at Outside Canada call or fax to supports the Government of Canada policy on access to information for people with disabilities. If you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. It s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing Information Centre (CHIC) at chic@cmhc.ca; or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. ithout limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which or any of its employees shall incur responsibility. 2

28 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics n Condominium Owners Report n Housing Information Monthly n Housing Market Outlook, Canada n Housing Market Outlook, Highlight Reports Canada and Regional n Housing Market Outlook, Major Centres n Housing Market Tables: Selected South Central Ontario Centres n Housing Now, Canada n Housing Now, Major Centres n Housing Now, Regional n Monthly Housing Statistics n Northern Housing Outlook Report n Preliminary Housing Start Data n Rental Market Provincial Highlight Reports n Rental Market Reports, Major Centres n Rental Market Statistics n Residential Construction Digest, Prairie Centres n Seniors Housing Reports CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data Information on current housing market activities starts, rents, vacancy rates and much more. Get the market intelligence you need today! Click to view, download or subscribe. HOUSING MARKET INFORMATION PORTAL The housing data you want, the way you want it Information in one central location. Quick and easy access. Neighbourhood level data. cmhc.ca/hmiportal