Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 09, 2015 08:15 ET

February 2015 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - March 9, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 13,098 units in February compared to 14,697 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)(1) of total housing starts.

"The trend in total housing starts in Calgary moved lower in February for the third consecutive month," said Felicia Mutheardy, CMHC's Senior Market Analyst for Calgary. "The overall decline was mostly attributed to fewer apartment starts, however, the number of units under construction remains elevated."

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 9,545 units in February, down from 10,117 in January. Actual total housing starts declined year-over-year in February 2015 due to lower single-detached and multi-family production. In addition, supply levels in the existing home market have been on the rise in recent months, offering buyers more selection outside of the new home market.

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

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(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/Calgary_ENG.pdf

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