Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2016 08:15 ET

Calgary Housing Starts Decline in March

CALGARY, ALBERTA--(Marketwired - April 8, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 9,697 units in March compared to 11,417 in February, 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 March as the pace in single-detached and multiple construction declined compared to the previous month," said Richard Cho, CMHC Principal Market Analyst for Calgary. "Total new home inventories have increased this year while the number of units under construction have been elevated, contributing to the decline in new home starts."

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 5,212 units in March, down from 7,003 in February. Actual housing starts in March totalled 411 units compared to 1,639 in the same month in 2015. Year-over-year declines were recorded in all housing types, especially among apartments. After the first quarter, total housing starts reached 1,567 units, down 51 per cent from 3,177 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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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/49865e.pdf

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