Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2015 08:15 ET

July 2015 Housing Starts in British Columbia

VICTORIA, BRITISH COLUMBIA--(Marketwired - Aug. 11, 2015) - Housing starts in British Columbia's urban areas(1) were trending at 31,102 units in July compared to 29,321 units 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)(2) of housing starts.

"The pace of new home construction picked up since May, reflecting strength in the resale market" said Carol Frketich, CMHC Regional Economist for BC. "Demand for new homes has matched supply, keeping inventories of completed and unabsorbed homes in check."

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 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 for urban starts in British Columbia was 36,501 units in July, compared to 34,870 units in June.

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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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(1) Urban areas are centres with populations of 10,000 or more people.
(2) 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/1020812_BC_ENG.pdf

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