Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2012 08:15 ET

Canada Mortgage and Housing Corporation: May 2012 Vancouver CMA Housing Starts

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2012) - The number of housing starts in the Vancouver CMA was trending at 18,200 units in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a moving average of the monthly seasonally adjusted annual rates (SAAR)1 of total starts. The standalone monthly seasonally adjusted rate was 20,000 units in May, up from 15,900 in April.

For some 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. Analysing only SAAR data can be misleading in some markets in some situations, as they are largely driven by the multiples segment of the markets which can be quite volatile from one month to the next.

"Actual single-detached housing starts during the first five months of 2012 were on par with levels recorded during the same period last year," noted Robyn Adamache, CMHC's Senior Market Analyst. "Nearly three-quarters of all multiple-family home starts during the first five months of 2012 were in the cities of Burnaby, Coquitlam, Richmond, Surrey and Vancouver."

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, and to download CMHC's housing reports, please visit CMHC's website at or call 1-800-668-2642.

Preliminary housing starts numbers are summarized in the attached tables. To view the map and tables accompanying this press release please click on the following link:

1 All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment makes it possible to highlight the fundamental trends of a series. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

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Contact Information

  • Canada Mortgage and Housing Corporation
    Robyn Adamache
    Senior Market Analyst
    (604) 737-4144 or Cell: (604) 787-9659