Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 11, 2016 08:15 ET

December 2015 Housing Starts Hold Steady in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 11, 2016) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 21,633 units in December compared to 21,672 units 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) of housing starts.

"The trend measure of housing starts remained steady in December," said Richard Sam, CMHC Principal Market Analyst for Vancouver. "Overall, the actual number of housing starts in 2015 in the CMA reached 20,863, that is 1,651 units more than the previous year and the highest level since 1993. The increase can be attributed to strong demand for both rental housing and homeownership," he added.

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, analysing only SAAR data can be misleading in some markets as they are largely driven by the multiple-unit segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 25,101 units in December, up from 17,777 units in November as housing construction increased for all dwelling types.

Housing starts in the Abbotsford-Mission CMA were trending at 1,031 units in December, up from 977 units in November. Actual year-to-date starts were 806 units compared to 499 units in 2014.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

To view the graph and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/1038915a.pdf

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