Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2015 08:15 ET

August 2015 Housing Starts in Saskatoon

SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 9, 2015) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 2,101 units in August compared to 2,396 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 declined in August, as both single-detached and multiple dwelling starts saw downward pressure. In response to weakening economic conditions and elevated supply levels this year, builders have eased the pace of new construction. Accordingly, CMHC expects fewer homes to be initiated in 2015 than in the previous year," said Lai Sing Louie, CMHC's Regional Economist for the Prairies and Territories Region.

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 1,598 units in August, down from 2,108 in July. In terms of actual numbers, single-detached starts declined year over year from 169 in August 2014 to 96 in August 2015. The multi-family sector declined significantly from 265 units started in August 2014 to 52 units in August 2015.

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.

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/1024284e.pdf.

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