Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

Edmonton CMA Housing Starts Trend Slightly Higher

EDMONTON, ALBERTA--(Marketwired - Aug. 9, 2016) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 10,199 units in July compared to 10,174 in June, 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 total housing starts.

"The trend in total housing starts edged up slightly in July compared to June as a higher pace of multi-family construction was offset by a declining trend in single family units," said Tim Gensey, CMHC Market Analyst. "Despite the slight uptick, slower economic conditions together with elevated inventory, both in the new home and competing resale markets, have contributed to a slower pace of home construction this year compared to 2015" added Gensey.

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 8,541 units July, down from 10,178 in June. Total actual housing starts decreased 56 per cent year-over-year in July as both single-detached and multi-unit construction posted strong declines.

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.

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/1065236a.pdf

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