Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2014 08:15 ET

March 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - April 8, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 16,647 units in March compared to 14,978 in February, 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 continued to increase in March, as rising multi-family construction more than offset a reduction in single-detached starts," said Richard Cho, CMHC's Senior Market Analyst for Calgary. "Low multi-family inventories, strong migration, and a low rental vacancy rate are supporting demand for multi-family units, prompting builders to start more projects this year."

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 20,906 units in March, up from 15,465 in February. An elevated number of apartment starts contributed to a pronounced gain in multi-family construction. Actual monthly apartment starts reached its second highest level on record in March.

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 high 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.

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/938261_Calgary_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Richard Cho, Senior Market Analyst
    (403) 515-2996
    rcho@cmhc.ca

    Media Contact:
    Charles Daniel Mainville
    Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca