Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 08, 2016 08:15 ET

Calgary Housing Starts Decline in February

CALGARY, ALBERTA--(Marketwired - March 8, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 11,434 units in February compared to 12,484 in January, 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 February as the trend in single-detached and multi-family construction declined compared to the previous month," said Richard Cho, CMHC Principal Market Analyst for Calgary. "Competition from the resale market, full-time job losses, as well as reduced confidence in the economy has slowed demand for new homes."

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 7,042 units in February, down from 7,573 in January. Actual housing starts in February totalled 589 units compared to 791 in the same month in 2015. After the first two months, total housing starts were down 25 per cent from 1,538 units in 2015 to 1,156 in 2016.

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

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1045956_Calgary_ENG.pdf

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