Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2015 08:15 ET

December 2014 Housing Starts in Edmonton

EDMONTON, ALBERTA--(Marketwired - Jan. 9, 2015) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 14,708 units in December compared to 15,182 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.

"The trend in housing starts moved lower in December, as an increase in the pace of single-detached construction was more than offset by a decline in the multi-family segment. This is consistent with the overall trend for 2014, as single-detached housing starts reached their highest annual level since 2007 while multi-family housing starts posted a decline in 2014," said Christina Butchart, CMHC's Senior Market Analyst for Edmonton.

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 14,500 units in December, compared to 17,658 in November. Actual housing starts also moved lower on a year-over-year basis as single-detached starts rose while multi-family housing starts decreased. This contributed to a total of 13,872 housing starts in 2014, a six per cent decline from 2013.

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.

Follow CMHC on Twitter @CMHC_ca

(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/986855a.pdf

Contact Information

  • Market Analysis Contact:
    Christina Butchart, Senior Market Analyst
    (780) 423-8729
    cbutchar@cmhc.ca

    Media Contact:
    Renee Nat, Communications Consultant
    (403) 515-2963
    rnat@cmhc.ca