Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2014 08:15 ET

August 2014 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2014) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 20,271 units in August compared to 18,339 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.

"Multiple-family housing starts accounted for much of the uptick in August," said Robyn Adamache, CMHC's Senior Market Analyst. "Larger condominium apartment projects in Richmond and Burnaby were the most significant contributors to the August numbers."

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 26,614 units in August, up from 18,726 units in July.

Housing starts in the Abbotsford-Mission CMA were trending at 622 units in August from 568 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.

Follow CMHC on Twitter @CMHC_ca

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.

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/CMHC0908b.pdf

Contact Information

  • Market Analysis Contact:
    Robyn Adamache
    604-737-4144
    Cell: 604-787-9659
    radamach@cmhc.ca

    Media Contact:
    Tracy Wells
    604-737-4162
    Cell: 604-999-7190
    twells@cmhc.ca