Canada Mortgage and Housing Corporation



Canada Mortgage and Housing Corporation

March 08, 2013 08:15 ET

February 2013 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 16,912 units in February, 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 housing starts.

"Total starts were below trend in February due to a decline in multiple-family starts, despite an increase in single-family detached construction," said Lance Jakubec, CMHC's Senior Market Analyst.

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 multiples segment of the markets which can be quite variable from one month to the next.

The stand-alone monthly SAAR was 14,488 units in February, compared to 15,838 units in January.

Housing starts in the Abbotsford-Mission CMA were trending at 495 units in February. The stand- alone monthly SAAR was 1,511 units in February. A rise in multiple-family construction pushed the trend and February SAAR starts above the previous month's level.

Preliminary Housing Starts data is also available in English and French at the following link: http://www.cmhc.gc.ca/en/hoficlincl/homain/stda/index.cfm.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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.

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To view the graph and tables associated with this press release, please visit the following link: http://media3.marketwire.com/docs/cmhc-van-0308.pdf.

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