Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 10, 2017 08:15 ET

Calgary housing starts trend higher in December

CALGARY, ALBERTA--(Marketwired - Jan. 10, 2017) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 10,573 units in December compared to 10,243 in November, 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 higher in December as the increase in multiple construction offset the decline in single-detached starts," said Richard Cho, CMHC Principal Market Analyst for Calgary. "In particular, apartment construction saw a lift last month with a couple of large condo projects breaking ground."

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 11,689 units in December, up from 8,486 in November. Actual housing starts in December totalled 975 units, up 29 per cent from 756 units in the same month a year earlier. Total housing starts in 2016 reached 9,245 units compared to 13,033 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.

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Additional data is available upon request

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