REGINA, SASKATCHEWAN--(Marketwired - May 8, 2014) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,845 units in April compared to 2,340 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 declined further in April as local home builders scaled back production of both single-detached and multi-family units. Rising new home inventory and competition from a well-supplied resale market have prompted a more moderate pace of housing starts so far this year," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.
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 1,499 units in April, down from 2,279 in March. While fewer starts were reported in both the single-detached and multi-family sectors, the decrease in April was most pronounced among multiples where only two apartment units were started compared to 125 in April 2013.
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/944447a.pdf