Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2017 08:15 ET

Calgary housing starts trend lower in January

CALGARY, ALBERTA--(Marketwired - Feb. 8, 2017) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 9,413 units in January compared to 10,563 in December, 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 January as the pace of both single-detached and multiple construction declined from a month earlier," said Richard Cho, CMHC Principal Market Analyst for Calgary. "The slowdown in construction was mainly recorded in the multiple segment of the market where inventories are well above historical levels."

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 5,862 units in January, down from 11,661 in December. Actual housing starts in January totalled 426 units, a 25 per cent decline from 567 units in the same month a year earlier.

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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