Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 09, 2015 08:15 ET

February 2015 Housing Starts in British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 9, 2015) - Housing starts in British Columbia's urban areas1 were trending at 25,874 units in February compared to 27,831 in January, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)2 of housing starts.

"The trend level of housing starts moved lower in February following six months of relative stability," said Robyn Adamache, Principal, Market Analysis. "A rising trend in single-detached and semi- detached housing starts was offset by a declining trend in apartment and townhouse starts."

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 standalone monthly SAAR was 22,273 units in February, compared to 25,065 units in January. The pace of housing starts in February slowed due to fewer apartment and townhouse starts. Single-detached and semi-detached housing starts rose in February compared to January.

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.

1 Urban areas are centres with populations of 10,000 or more people.

2 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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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To view the graph and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/995701e2.pdf

Contact Information

  • Information on this release:
    Robyn Adamache
    604-737-4144
    Cell: 604-787-9659
    radamach@cmhc.ca

    Media Contact:
    Jeanette Wilkinson
    604-737-4025
    Cell: 604-360-7793
    jpwilkins@cmhc.ca