Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

Calgary Housing Starts Trend Increased in July

CALGARY, ALBERTA--(Marketwired - Aug. 9, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 8,724 units in July compared to 7,864 in June, 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 July as the pace of single-detached and multiples construction increased from a month earlier," said Richard Cho, CMHC Principal Market Analyst. "Despite the increase last month, the trend in housing starts continues to remain below historical averages due to declines in full-time employment and increased supply in the new home and resale markets."

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 12,647 units in July, up from 9,811 in June. Actual housing starts in June totalled 1,091 units, up 42 per cent from 770 in the same month in 2015. To the end of July, total housing starts reached 4,951 units compared to 7,398 during the same 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/1065227a.pdf

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