Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2016 08:15 ET

Housing Starts Decline in March 2016

WINNIPEG, MANITOBA--(Marketwired - April 8, 2016) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,500 units in March compared to 4,434 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) of total housing starts.

"Total starts declined from February across all tenure types," said Braden Batch, CMHC's Senior Market Analyst for Manitoba. "However, the lower numbers are largely driven by lower multi-family 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 decreased to 1,965 units in March from 3,741 units in February. Actual single detached starts decreased 5 per cent year-over-year, and multi-family starts decreased 63 per cent year-over-year. All starts in March were aimed at homeownership, as there were zero rental units initiated.

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/049884a.pdf

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