Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 11, 2015 08:15 ET

July 2015 Housing Starts in the Saguenay CMA

QUÉBEC CITY, QUÉBEC--(Marketwired - Aug. 11, 2015) - Housing starts in the Saguenay census metropolitan area (CMA) were trending at 773 units in July, compared to 593 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 housing starts.

"In July, the trend in housing starts rose thanks to the start of many rental units for seniors. This increase should be temporary as several factors will limit the number of housing starts this year, including the supply of properties for sale, which is greater than before, and a relatively stable labour market," said Élisabeth Koulouris, Principal, Market Analysis, at CMHC.

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 stand-alone monthly SAAR was 1,413 units in July, up from 581 in June. The significant change in the annual rate was due to the multiples segment, which often shows notable variations from one month to the next.

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 advice to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca.

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 were maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Additional data is available upon request.

(Ce document existe également en français.)

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1020699a.pdf

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