Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2015 10:41 ET

July 2015 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Aug. 11, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 13,215 units in July compared to 13,438 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 declined slightly from June as single-detached construction edged lower, offsetting the modest gain in the multi-family segment. While the pace of construction had remained fairly stable from a month earlier, new home construction throughout 2015 has been held back by weaker labour market conditions, slower migration and higher supply levels," said Richard Cho, CMHC's Principal of Market Analysis for Calgary.

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 8,716 units in July, down from 19,146 in June, due to a pronounced decline in multi-family starts. Actual housing starts in July decreased 43 per cent to 770 total units in 2015 from 1,354 in 2014.

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.

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 graph and tables associated with this release, please visit the following link:

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