Housing starts in the Peterborough Census Metropolitan Area (CMA) took a dip for the month of August.
According to the Canada Mortgage and Housing Corportation, housing starts were trending down at 508 units for August compared to 533 units in July.
The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“Fewer single-detached starts in August signaled a slight moderation in the trend that reached its highest point since 2010 in July 2016. With a tight resale market, demand for newly built dwellings remains robust,” stated Olga golozub, CMHC’s market analyst for Peterborough.
“Together with the low unsold inventories, this demand will provide the opportunity for developers to start new projects in the near future.”
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.
The multi-unit segment includes apartment, row and semi-detached homes. The standalone monthly SAAR was 125 units in August, down from 483 units in July, due to a decrease in single-detached starts and a lack of multi-unit starts during the last two months, the CMHC stated.
Actual starts for the first eight months of 2016 increased 48.9 per cent from the same period in 2015.