August 2013 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 10, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 19,424 units in August compared to 18,897 in July 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 housing starts.

"Vancouver housing starts trended higher in August compared to July, as new home construction has returned to August 2012 levels," said Lance Jakubec, CMHC's Senior Market Analyst for Vancouver.

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 17,410 units in August, down from 23,704 in July. The decrease is mainly the result of a number of multi-family units, started in June and July, boosting the SAAR for these months.

Housing starts in the Abbotsford-Mission CMA were trending at 598 units in August, compared to 814 units in July.

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.

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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.

This release is also available at www.cmhc.ca.

Additional data is available upon request.

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