Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2015 08:15 ET

December 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Jan. 9, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 15,544 units in December compared to 18,555 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)(1) of total housing starts.

"Following an extended period of heightened construction, the trend in total housing starts in Calgary declined in December from the previous month," said Felicia Mutheardy, CMHC's Senior Market Analyst for Calgary. "While the lower trend was due to reduced starts in both the single-detached and multi-family sectors, the decline was most evident among apartment units."

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 10,290 units in December, down from 12,718 in November. Actual housing starts in December 2014 were lower year-over-year as a modest increase in single-detached starts was more than offset by a decline in multi-family production. Despite the reduction in December, actual starts finished 2014 at a record high of 17,131 units, up 36 per cent from 12,584 in 2013. This was largely attributed to record multi-family production in 2014, as single-detached starts reported only a modest increase over the previous year.

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 advice to Canadian governments, consumers and the housing industry.

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(1) All starts figures in this release, other than actual starts and the trend estimate, 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 allows for a comparison from one season to the next and from one month to the next. 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.

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/986850a.pdf

Contact Information

  • Market Analysis Contact:
    Felicia Mutheardy, Senior Market Analyst
    (403) 515-3003
    fmuthear@cmhc.ca

    Media Contact:
    Charles Daniel Mainville
    Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca