Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2014 08:15 ET

July 2014 Housing Starts in Saskatoon

SASKATOON, SASKATCHEWAN--(Marketwired - Aug. 11, 2014) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 3,089 units in July compared to 3,498 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.

"After three months of increase, the trend in total housing starts shifted lower in July. The lower pace of construction was attributed to fewer multi-family units following the strong performance in the first half of the year," said Pichu Kalyniuk, CMHC Market Analyst for the Prairie and Territories Region.

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 2,482 units in July, down from 3,179 in June. While fewer starts were reported in both the single-detached and multi-family sectors, the decrease in July was most pronounced among multiples where only 21 row units were started compared to 72 in July 2013.

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/961871_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Pichu Kalyniuk, Market Analyst
    (403) 515-2984
    pkalyniu@cmhc.ca

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