Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2014 08:15 ET

June 2014 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2014) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 18,423 units in June compared to 19,000 in May, 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.

"Following last month's up-tick in multiples housing starts, the June numbers returned to levels more consistent with CMHC's forecast for 2014," said Sarena Teakles, CMHC Senior Market Analyst. "During the first half of 2014, actual multiple-unit starts declined in Burnaby, North Vancouver, Vancouver, and West Vancouver as well as in the University Endowment Lands."

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 was 18,263 units in June, down from 19,817 units in May. This decrease is the result of fewer apartment starts.

Housing starts in the Abbotsford-Mission CMA were trending at 521 units in June down from 706 in May.

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 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.

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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.

Additional data is available upon request.

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To view the graph and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/956497i.pdf

Contact Information

  • Media Contact:
    Tracy Wells
    604-737-4162
    Cell: 604-999-7190
    twells@cmhc.ca