VICTORIA, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2013) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 17,896 units 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 housing starts.
"Although January starts were below trend, a pick up in single-detached home starts and stable level of multiple-family starts narrowed the gap," said Carol Frketich, CMHC's British Columbia Regional Economist.
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, as they are largely driven by the multiples segment in some markets, which can be quite variable from one month to the next.
The stand-alone monthly SAAR was 15,877 units in January, compared to 14,973 units in December 2012.
Actual total housing starts in January were 1,250 units with 320 single-detached houses and 930 multiple-family homes, compared to the year-ago levels of 1,554 total starts with 269 single-detached and 1,285 multiple-family homes.
Housing starts in the Abbotsford-Mission CMA were trending at 296 units in January. The stand-alone monthly SAAR was 325 units in January. Both the trend and January SAAR figures were higher than December 2012 levels.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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.
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To view the tables accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/cmhc27vi.pdf