Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

Half of Winnipeg Starts Target Rental Market

WINNIPEG, MANITOBA--(Marketwired - Aug. 9, 2016) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,993 units in July compared to 3,598 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.

"Despite an upward trend, overall housing starts remain below 2015 levels, partially in response to an elevated inventory of apartments in the homeownership market," said Braden Batch, CMHC's Senior Market Analyst for Manitoba. "For July, units intended for the rental market comprised over fifty per cent of total starts but represented eighty per cent of apartment starts," added Batch.

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 increased to 6,348 units in July from 3,961 in June. Despite the increase in the SAAR measure, actual housing starts totalled 565 units in July, representing a decrease from 657 units started during the same month last year. Actual starts declined year-over-year in all housing types.

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/106256a.pdf

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