Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 09, 2015 08:15 ET

December 2014 Housing Starts in Regina

REGINA, SASKATCHEWAN--(Marketwired - Jan. 9, 2015) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 2,489 units in December compared to 2,562 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 total housing starts edged lower in December after local home builders scaled back production of single-detached homes. The slower pace of single-detached starts in 2014 had a moderating effect on total housing starts in Regina, as builders in this sector contended with elevated resale supply and increased demand for lower-priced options such as condominium apartments and townhouses," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.

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 1,595 units in December, up from 1,130 in November. December's production pushed Regina's annual housing starts for 2014 to 2,223 units, a decrease of 29 per cent from the previous year. The reduction was most pronounced among single-detached starts, where builders initiated 43 per cent fewer homes in the year than in 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.

(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.

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Additional data is available upon request

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/986849a.pdf

Contact Information

  • Market Analysis Contact:
    Goodson Mwale, Senior Market Analyst
    (306) 975-4897
    gmwale@cmhc.ca

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