Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 10, 2015 08:15 ET

March 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - April 10, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,587 units in March compared to 3,804 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 in Winnipeg has declined from the peak set in September of last year as builders have reduced production in response to a build up of inventory. Nonetheless, the current pace of construction is similar to the pace set in March of 2014 and is supported by stable employment and positive migration," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.

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 increased to 2,701 units in March from 2,639 units in February, a result of a stronger performance in the multi-family sector compared to the previous month. Actual housing starts also increased, totalling 203 units in March 2015 compared to 180 in March 2014. This brought year-to-date total housing starts to 785 units, substantially higher than the 500 units started for the same period one year prior.

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/1001257_ENG.pdf

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