Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 09, 2016 08:15 ET

Calgary Housing Starts Decline in April

CALGARY, ALBERTA--(Marketwired - May 9, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 9,127 units in April compared to 9,687 in March, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts.

"Total housing starts trended lower in April as the pace of single-detached and multiple construction slowed from the previous month," said Richard Cho, CMHC Principal Market Analyst for Calgary. "Housing demand weakened due to full-time job losses while supply of both new and existing homes increased."

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 9,836 units in April, up from 5,184 in March. Actual housing starts in April reached 815 units, up five per cent from 777 in the same month in 2015. This represents the first monthly year-over-year increase since November 2015. To the end of April, there were 2,382 total housing starts compared to 3,954 during the corresponding period in 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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

Additional data is available upon request

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1053817a.pdf

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