Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 09, 2015 08:15 ET

August 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Sept. 9, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,337 units in August compared to 4,083 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 Winnipeg rose for the second consecutive month in August supported by the strength of the multi-family sector. As the trend in multi-family construction continues to rise, this sector represents the majority of new home starts in the Winnipeg CMA. Conversely, the trend in single-detached construction has declined as builders face increased competition from the resale market," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.

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 decreased to 4,138 units in August from 7,410 units in July, a result of month to month volatility in the apartment sector. Actual housing starts also decreased, totalling 367 units in August 2015 compared to 595 in August 2014. As a result, year-to-date total housing starts numbered 2,847 units, a decline of seven per cent from the 3,057 units started in the same period one year prior.

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/1024288e.pdf.

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