Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2014 08:15 ET

July 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Aug. 11, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 18,330 in July compared to 18,695 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)(1) of total housing starts.

"The trend in total housing starts in July moderated from the previous month due to a decline in the pace of multi-family starts," said Richard Cho, CMHC's Senior Market Analyst for the Prairie and Territories Region. "While down from the previous month, the pace of housing starts remains elevated, supported by a multitude of factors including low new home inventories, low rental vacancies, gains in full-time employment, and rising incomes."

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 15,235 units in July, down from 28,391 in June. The decline was mainly due to the multi-family segment, where apartment starts moderated from the elevated level in June. Actual housing starts in July were slightly lower than the previous year, as a reduction in multi-family units countered a rise in single-detached starts.

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 high 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.

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/961854_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Richard Cho, Senior Market Analyst
    (403) 515-2996
    rcho@cmhc.ca

    Media Contact:
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca