Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

March 09, 2015 08:15 ET

February 2015 Housing Starts in Edmonton

EDMONTON, ALBERTA--(Marketwired - March 9, 2015) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 18,350 units in February compared to 16,706 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 housing starts moved higher in February largely due to a stronger pace of production in the multi-family sector. For the second consecutive month, higher apartment starts led the way for multi-family construction," said Christina Butchart, CMHC's Senior Market Analyst for Edmonton.

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 24,483 units in February, compared to 24,349 in January. Actual housing starts totalled 1,946 units, more than doubling the 787 in February 2014. While single-detached starts were also higher year-over-year in February, the gain was most pronounced in the multi-family sector, particularly for condominium apartments.

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) 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

(Ce document existe également en français)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/995756e.pdf

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