CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 10,264 units in November compared to 10,151 in October, 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 November due to an increase in the pace of single-detached starts as multiple construction declined slightly," said Richard Cho, CMHC Principal Market Analyst for Calgary. "While the trend has started to stabilize, it is still below historical norms due to weaker economic conditions and elevated multiple inventories."
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 8,510 units in November, up from 7,526 in October. Actual housing starts in November totalled 745 units, a 46 per cent decline from 1,368 units in the same month in 2015. To the end of November, total housing starts reached 8,270 units compared to 12,277 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/161208_CMHC_Calgary_eng.pdf