Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 11, 2016 08:15 ET

December 2015 Housing Starts in Saskatoon

SASKATOON, SASKATCHEWAN--(Marketwired - Jan. 11, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 2,218 units in December compared to 2,128 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 increased in December after both multi-family and single-detached construction trended slightly higher from the previous month. Notwithstanding, local home builders initiated fewer housing units in 2015 compared to the previous year as they faced weaker economic conditions precipitated by falling oil prices and elevated new home inventory," 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 2,696 units in December, down from 3,501 in November. December's production pushed actual housing starts in Saskatoon to 2,293 units in 2015, a decrease of 35 per cent from the 3,531 units initiated in 2014. Both singles and multiples posted significant declines from 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 information to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

(Ce document existe également en français)

(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.

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

Contact Information