Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

July 09, 2015 08:15 ET

June 2015 Housing Starts in Regina

REGINA, SASKATCHEWAN--(Marketwired - July 9, 2015) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,666 units in June compared to 1,347 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 total housing starts.

"The trend in total housing starts moved higher in June after home builders increased production of multi-family units. Despite this increase in pace, total housing starts in Regina are expected to be lower in 2015 than in the previous year as weaker economic conditions and elevated new home inventory slow down new construction over the remaining months," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.

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 3,485 units in June, up from 1,583 in May. Overall, actual housing starts in June increased significantly compared to the previous year with builders initiating 242 multi-family units compared to 106 in June 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.

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/1016364_ENG.pdf

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