Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 08, 2014 08:15 ET

April 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - May 8, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 17,239 units in April compared to 16,662 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)(1) of total housing starts.

"The trend in total housing starts continued to increase in April, due largely to elevated multi-family construction in recent months," said Pichu Kalyniuk, CMHC Market Analyst for the Prairie and Territories Region. "The increase in construction has been supported by strong net migration, continued job growth, and a decline in new home inventories."

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, analyzing 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 18,155 units in April, down from 20,964 in March. Despite the reduction, actual housing starts in April reported strong gains in both the single-detached and multi-family sectors. The increase is consistent with CMHC's recent forecast that builders will increase production in 2014.

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 high 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.

(1) 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.

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Additional data is available upon request

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/944381a.pdf

Contact Information

  • Market Analysis Contact:
    Pichu Kalyniuk, Market Analyst
    (403) 515-2984
    pkalyniu@cmhc.ca

    Media Contact:
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca