Although all low-density (singledetached,

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1 Housing Market Information HOUSING NOW Ottawa 1 Date Released: September New Home Market According to the latest preliminary data released by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Ottawa Census Metropolitan Area (CMA) totalled 650 units in ust, the strongest showing so far this year. Nevertheless, the yearto-date pace of starts is still down almost 16 per cent compared to the same period a year ago. Although all low-density (singledetached, semi-detached and townhomes) housing was strong in ust, semis and rows are challenging the traditional market dominance of single-family homes that has prevailed for most of the past two decades. The combination of demographic trends and increasing housing prices is placing affordability as one of the top considerations among homebuyers. Table of Contents 1 New Home Market 3 Maps 9 Tables Figure 1 1,000 Ottawa Housing Starts Multiples Singles Trend 800 Starts Source: CMHC 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. 1 Ontario part of Ottawa-Gatineau CMA Housing market intelligence you can count on

2 For its part the new condominium apartment segment posted its second-best result of the year but, nevertheless, fell short by a wide margin of the near record high number of starts last ust. Condominium apartment demand and building intentions remain healthy, and this likely heralds another strong fi nish of the year. Over half of all residential construction in Ottawa took place in Nepean -outside of the Greenbeltand in Cumberland, both adding a similar mix of single-detached homes and townhomes. Nepean, in addition, saw builders braking ground for 116 new condominium apartment units. The trend of activity for single family homes out farther from the city core continued this month. Seven out of ten townhomes were started in Nepean, Kanata and Cumberland, while most semi-detached starts were concentrated in Nepean and in the Old City of Ottawa. A relative lower number of apartment construction has finally dragged Ottawa s city core to fall behind last year s pace, which means that now all neighbourhoods are showing softer activity compared to a year ago. Among all areas, construction activity remained the slowest in Kanata, Goulbourn and the outlying areas of West Carleton, Clarence-Rockland and Russell. On the other hand, the major areas where activity has so far moderated the least were Nepean and Cumberland, which were dragged mainly by townhome construction. 2

3 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 N QUEENSWAY HIGHWAY 416 QUEENSWAY Ottawa CMA Number of Starts (Multiples) ust HIGHWAY 417 HIGHWAY Km West Carleton Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend No starts 6-43 starts starts starts starts 3

4 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 N QUEENSWAY HIGHWAY 416 QUEENSWAY Ottawa CMA Number of Starts (Singles) ust HIGHWAY 417 HIGHWAY Km West Carleton Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend No starts 3-14 starts starts starts starts 4

5 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 N QUEENSWAY HIGHWAY 416 QUEENSWAY HIGHWAY 7 Ottawa CMA Total Number of Starts ust West Carleton HIGHWAY Km Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend No starts 3-51 starts starts starts starts 5

6 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 N QUEENSWAY HIGHWAY 416 QUEENSWAY Ottawa CMA Number of Starts (Multiples) January - ust HIGHWAY 417 HIGHWAY Km West Carleton Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend No starts starts starts starts starts 6

7 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 QUEENSWAY HIGHWAY 416 QUEENSWAY Ottawa CMA Number of Starts (Singles) January - ust HIGHWAY 417 HIGHWAY Km West Carleton Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend 6-75 starts starts starts N starts 7

8 HIGHWAY 417 HIGHWAY 401 HIGHWAY 401 QUEENSWAY HIGHWAY 416 QUEENSWAY HIGHWAY 7 Ottawa CMA Total Number of Starts January - ust West Carleton HIGHWAY Km Kanata Goulbourn Gloucester- Inside Greenbelt Ottawa, Vanier, Rockliffe Nepean- Inside Greenbelt Gloucester- Outside Greenbelt Nepean- Outside Greenbelt Osgoode Rideau Clarence- Rockland City Cumberland Russell Township Legend starts starts starts N starts 8

9 HOUSING NOW REPORT TABLES Available in ALL reports: 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: 1.1 Housing Activity Summary by Submarket 1.2 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 9

10 Table 1: Housing Activity Summary of Ottawa-Gatineau CMA (Ontario Portion) ust Ownership Rental Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS ust ust % Change n/a n/a n/a Year-to-date 1, , ,449 Year-to-date 1, , ,099 % Change n/a UNDER CONSTRUCTION ust 1, , , ,414 ust 1, , , ,366 % Change n/a n/a COMPLETIONS ust ust % Change n/a n/a 21.8 n/a n/a Year-to-date 1, , , ,127 Year-to-date 1, , ,225 % Change n/a COMPLETED & NOT ABSORBED ust ust % Change ** -6.7 n/a ** ABSORBED ust ust % Change n/a n/a 16.5 n/a n/a Year-to-date 1, , , ,078 Year-to-date 1, , ,263 % Change n/a Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 10

11 Table 1.1: Housing Activity Summary by Submarket ust Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row STARTS Ottawa City ust ust Ottawa, Vanier, Rockcliffe ust ust Nepean inside greenbelt ust ust Nepean outside greenbelt ust ust Gloucester inside greenbelt ust ust Gloucester outside greenbelt ust ust Kanata ust ust Cumberland ust ust Goulbourn ust ust West Carleton ust ust Rideau ust ust Osgoode ust ust Clarence-Rockland City ust ust Russell Township ust ust Ottawa-Gatineau CMA (Ontario portion) ust ust Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 11

12 Table 1.1: Housing Activity Summary by Submarket ust Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row UNDER CONSTRUCTION Ottawa City ust , , ,209 ust 1, , , ,143 Ottawa, Vanier, Rockcliffe ust , ,329 ust , ,713 Nepean inside greenbelt ust ust Nepean outside greenbelt ust ust ,016 Gloucester inside greenbelt ust ust Gloucester outside greenbelt ust ust Kanata ust ust Cumberland ust ust Goulbourn ust ust West Carleton ust ust Rideau ust ust Osgoode ust ust Clarence-Rockland City ust ust Russell Township ust ust Ottawa-Gatineau CMA (Ontario portion) ust 1, , , ,414 ust 1, , , ,366 Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 12

13 Table 1.1: Housing Activity Summary by Submarket ust Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row COMPLETIONS Ottawa City ust ust Ottawa, Vanier, Rockcliffe ust ust Nepean inside greenbelt ust ust Nepean outside greenbelt ust ust Gloucester inside greenbelt ust ust Gloucester outside greenbelt ust ust Kanata ust ust Cumberland ust ust Goulbourn ust ust West Carleton ust ust Rideau ust ust Osgoode ust ust Clarence-Rockland City ust ust Russell Township ust ust Ottawa-Gatineau CMA (Ontario portion) ust ust Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 13

14 Table 1.1: Housing Activity Summary by Submarket ust Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row COMPLETED & NOT ABSORBED Ottawa City ust ust Ottawa, Vanier, Rockcliffe ust ust Nepean inside greenbelt ust ust Nepean outside greenbelt ust ust Gloucester inside greenbelt ust ust Gloucester outside greenbelt ust ust Kanata ust ust Cumberland ust ust Goulbourn ust ust West Carleton ust ust Rideau ust ust Osgoode ust ust Clarence-Rockland City ust ust Russell Township ust ust Ottawa-Gatineau CMA (Ontario portion) ust ust Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 14

15 Table 1.1: Housing Activity Summary by Submarket ust Ownership Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row ABSORBED Ottawa City ust ust Ottawa, Vanier, Rockcliffe ust ust Nepean inside greenbelt ust ust Nepean outside greenbelt ust ust Gloucester inside greenbelt ust ust Gloucester outside greenbelt ust ust Kanata ust ust Cumberland ust ust Goulbourn ust ust West Carleton ust ust Rideau ust ust Osgoode ust ust Clarence-Rockland City ust ust Russell Township ust ust Ottawa-Gatineau CMA (Ontario portion) ust ust Rental Apt. & Other Total* Source: CMHC (Starts and Completions Survey, Market Absorption Survey) 15

16 Table 1.2: History of Housing Starts of Ottawa-Gatineau CMA (Ontario Portion) Ownership Rental Freehold Condominium Single Semi Row, Apt. & Other Single Row and Semi Apt. & Other Single, Semi, and Row 2, , , ,446 % Change n/a , , ,814 % Change n/a ** , , , ,998 % Change n/a , , , ,506 % Change n/a ** , , , ,875 % Change n/a , , ,982 % Change n/a , , , ,243 % Change n/a ** , , ,381 % Change n/a , , ,796 % Change n/a , , ,251 Apt. & Other Total* Source: CMHC (Starts and Completions Survey) 16

17 Submarket Table 2: Starts by Submarket and by Dwelling Type ust Single Semi Row Apt. & Other Total % Change Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt ** Nepean outside greenbelt Gloucester inside greenbelt n/a Gloucester outside greenbelt Kanata Cumberland ** Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Submarket Table 2.1: Starts by Submarket and by Dwelling Type January - ust Single Semi Row Apt. & Other Total % Change Ottawa City 1,133 1, ,176 1, ,285 3, Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 1,245 1, ,184 1, ,030 3,449 4, Source: CMHC (Starts and Completions Survey) 17

18 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by Intended Market ust Row Apt. & Other Freehold and Condominium Rental Freehold and Condominium Rental Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Submarket Table 2.3: Starts by Submarket, by Dwelling Type and by Intended Market January - ust Row Apt. & Other Freehold and Condominium Rental Freehold and Condominium Rental Ottawa City 1,171 1, Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 1,179 1, Source: CMHC (Starts and Completions Survey) 18

19 Submarket Table 2.4: Starts by Submarket and by Intended Market ust Freehold Condominium Rental Total* Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Submarket Table 2.5: Starts by Submarket and by Intended Market January - ust Freehold Condominium Rental Total* Ottawa City 2,531 2, ,285 3,827 Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 2,663 3, ,449 4,099 Source: CMHC (Starts and Completions Survey) 19

20 Submarket Table 3: Completions by Submarket and by Dwelling Type ust Single Semi Row Apt. & Other Total* % Change Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt n/a Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Submarket Table 3.1: Completions by Submarket and by Dwelling Type January - ust Single Semi Row Apt. & Other Total* % Change Ottawa City 1,285 1, ,329 1,314 1, ,952 3, Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 1,409 1, ,343 1,351 1, ,127 4, Source: CMHC (Starts and Completions Survey) 20

21 Table 3.2: Completions by Submarket, by Dwelling Type and by Intended Market ust Row Apt. & Other Submarket Freehold and Condominium Rental Freehold and Condominium Rental Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Table 3.3: Completions by Submarket, by Dwelling Type and by Intended Market January - ust Row Apt. & Other Submarket Freehold and Condominium Rental Freehold and Condominium Rental Ottawa City 1,326 1, , Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 1,340 1, , Source: CMHC (Starts and Completions Survey) 21

22 Submarket Table 3.4: Completions by Submarket and by Intended Market ust Freehold Condominium Rental Total* Ottawa City Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) Submarket Table 3.5: Completions by Submarket and by Intended Market January - ust Freehold Condominium Rental Total* Ottawa City 2,818 3,240 1, ,952 3,994 Ottawa, Vanier, Rockcliffe Nepean inside greenbelt Nepean outside greenbelt Gloucester inside greenbelt Gloucester outside greenbelt Kanata Cumberland Goulbourn West Carleton Rideau Osgoode Clarence-Rockland City Russell Township Ottawa-Gatineau CMA (Ontario Portion) 2,964 3,427 1, ,127 4,225 Source: CMHC (Starts and Completions Survey) 22

23 Submarket Table 4: Absorbed Single-Detached Units by Price Range ust Price Ranges < $300,000 Units Share (%) $300,000 - $374,999 Share Units (%) $375,000 - $424,999 Share Units (%) $425,000 - $499,999 Share Units (%) $500,000 + Median Average Total Price ($) Price ($) Share Units (%) Ottawa City ust , ,263 ust , ,971 Year-to-date , , ,358 Year-to-date , , ,000 Ottawa, Vanier, Rockcliffe ust , ,258 ust , ,810 Year-to-date , ,650 Year-to-date , ,905 Nepean inside greenbelt ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date Nepean outside greenbelt ust , ,060 ust , ,024 Year-to-date , ,995 Year-to-date , ,379 Gloucester inside greenbelt ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date Year-to-date Gloucester outside greenbelt ust , ,876 ust , ,456 Year-to-date , ,233 Year-to-date , ,646 Kanata ust , ,495 ust , ,940 Year-to-date , ,379 Year-to-date , ,356 Cumberland ust , ,997 ust , ,275 Year-to-date , ,265 Year-to-date , ,033 Goulbourn ust ust Year-to-date , ,277 Year-to-date , ,879 Source: CMHC (Market Absorption Survey) 23

24 Submarket Table 4: Absorbed Single-Detached Units by Price Range ust Price Ranges < $300,000 Units Share (%) $300,000 - $374,999 Share Units (%) $375,000 - $424,999 Share Units (%) $425,000 - $499,999 Share Units (%) $500,000 + Median Average Total Price ($) Price ($) Share Units (%) West Carleton ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a ust Year-to-date Year-to-date , ,529 Rideau ust ust 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a Year-to-date , ,854 Year-to-date Osgoode ust ust Year-to-date , ,378 Year-to-date , ,975 Clarence-Rockland City ust ust , ,446 Year-to-date , ,895 Year-to-date , ,836 Russell Township ust ust , ,693 Year-to-date , ,888 Year-to-date , ,583 Ottawa-Gatineau CMA (Ontario portion) ust , ,934 ust , ,743 Year-to-date , , ,528 Year-to-date , , ,335 Source: CMHC (Market Absorption Survey) 24

25 Table 4.1: Average Price ($) of Absorbed Single-detached Units ust Submarket % Change % Change Ottawa City 518, , , , Ottawa, Vanier, Rockcliffe 735, , , , Nepean inside greenbelt n/a n/a Nepean outside greenbelt 466, , , , Gloucester inside greenbelt n/a n/a Gloucester outside greenbelt 599, , , , Kanata 489, , , , Cumberland 417, , , , Goulbourn n/a 483, , West Carleton n/a ,529 n/a Rideau n/a 686, n/a Osgoode n/a 625, , Clarence-Rockland City ,446 n/a 314, , Russell Township ,693 n/a 349, , Ottawa-Gatineau CMA (Ontario Portion) 505, , , , Source: CMHC (Market Absorption Survey) 25

26 Table 5: MLS Residential Activity for Ottawa-Gatineau CMA (Ontario Portion) ust 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 January ,325 1,491 1, , ,252 February 1, ,361 1,982 2, , ,562 March 1, ,378 2,741 2, , ,334 April 1, ,402 3,049 2, , ,564 May 1, ,823 2, , ,403 June 1, ,155 2,700 2, , ,126 July 1, ,962 1, , ,996 ust 1, ,117 1,879 1, , ,032 September 1, ,157 2,113 2, , ,852 October 1, ,218 1,876 2, , ,799 November ,264 1,668 2, , ,082 December , , , ,631 January ,243 1,699 2, , ,461 February ,174 1,887 2, , ,173 March 1, ,147 2,704 2, , ,112 April 1, ,114 2,832 2, , ,051 May 1, ,113 2,831 2, , ,277 June 1, ,192 2,742 2, , ,037 July 1, ,200 2,266 2, , ,519 ust 1, ,264 2,294 2, , ,357 September October November December Q2 5, , , Q2 4, , , , , , , , , 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 26

27 P & I Per $100,000 Interest Rates 1 Yr. Term Table 6: Economic Indicators ust Mortage Rates (%) 5 Yr. Term NHPI, Total, Ottawa- Gatineau CMA 2007=100 CPI, 2002 =100 (Ottawa- Gatineau CMA (Ontario Portion)) Ottawa-Gatineau CMA (Ontario Portion) Labour Market Employment SA (,000) Unemployment Rate (%) SA Participation Rate (%) SA Average Weekly Earnings ($) January February March April May June July ust September ,002 October ,005 November December ,014 January ,034 February ,047 March ,035 April ,024 May ,018 June ,009 July ,002 ust 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) 27

28 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 2006 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 modelled 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. When 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. 28

29 DWELLING 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. 29

30 CMHC Home to Canadians (CMHC) has been Canada's national housing agency for more than 60 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable homes homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at 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 now available for free on CMHC s website. You can now 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 mailto:chic@cmhc.gc.ca; (613) or For permission, please provide CHIC with the following information: Publication s name, year and date of issue. Without 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. 30

31 Housing market intelligence you can count on FREE REPORTS AVAILABLE ON-LINE n Canadian Housing Statistics 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 Renovation and Home Purchase Report n Rental Market Provincial Highlight Reports Now semi-annual! n Rental Market Reports, Major Centres n Rental Market Statistics Now semi-annual! 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. CMHC s Mortgage Consumer Survey The survey results offer a unique perspective on attitudes and behaviours of recent mortgage consumers. Use these findings to identify opportunities and build stronger relationships with your clients. Visit for results and find out how