Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2014 08:15 ET

August 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Sept. 9, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 18,963 in August compared to 18,322 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 total housing starts.

"The trend in total housing starts in August rose from the previous month, which was primarily attributed to an increased pace of multi-family construction," said Felicia Mutheardy, CMHC's Senior Market Analyst for the Prairie and Territories Region. "Coupled with low inventory, the elevated demand for multi-family units has been supportive of the gains in production."

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 19,298 units in August, up from 15,220 in July. Actual housing starts reported gains in both single-detached and multi-family construction. The increase was most pronounced in the multi-family segment with starts more than doubling the number recorded in August 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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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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.

A graph and tables are available at the following link: http://media3.marketwire.com/docs/966851e.pdf.

Contact Information

  • Market Analysis Contact
    Felicia Mutheardy, Senior Market Analyst
    (403) 515-3003
    fmuthear@cmhc.ca

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