August 2015 Housing Starts in British Columbia

VICTORIA, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2015) - Housing starts in British Columbia's urban areas¹ were trending at 31,696 units in August compared to 31,099 units 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)² of housing starts.

"Housing starts in British Columbia have been trending higher over the past three months, due to gains in multiple-family starts," said Carol Frketich, CMHC Regional Economist for BC. "Single- detached starts have remained relatively stable since February. Gains in multiple-family starts have been driven by a combination of rental and condominium projects," said Frketich.

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 for urban starts in British Columbia was 26,349 units in August, compared to 36,510 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 authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

¹ Urban areas are centres with populations of 10,000 or more people.

² 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.

Follow CMHC on Twitter @CMHC_ca

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/1024223e.pdf.