Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2014 08:15 ET

April 2014 Housing Starts in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - Housing starts in British Columbia's urban areas1 were trending at 26,020 units in April compared to 25,883 in March, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2 of housing starts.

"Housing starts stabilized in April with the trend edging slightly higher compared to March's level," said Carol Frketich, CMHC's BC Regional Economist. "To date, the 2014 trend in single-detached starts has been rising, partly offsetting a slow, steady decline in the multiple-unit housing starts trend."

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 24,976 units in April, compared to 26,295 units in March.

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

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca

1 Urban areas are centres with populations of 10,000 or more people.

2 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal 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.

Information on this release:

Additional data is available upon request.

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To view the graph and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/944461_graph.pdf

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