Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 10, 2013 08:15 ET

May 2013 Housing Starts in New Brunswick

MONCTON, NEW BRUNSWICK--(Marketwired - June 10, 2013) - Housing starts in New Brunswick were trending at 1,746 units in May compared to 1,665 in April 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.

"Multi-residential construction in the province, particularly in the rental market, has remained relatively stable in large provincial urban centres since the start of the year, offsetting reduced single-detached activity and this helped overall starts activity to trend higher in May," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick.

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 2,665 units in May, up from 663 in April.

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 associated with this release, please visit the following link: http://media3.marketwire.com/docs/nb_graph_0610.pdf

Contact Information

  • Market Analysis Contact:
    Claude Gautreau
    506-851-2742
    Cell: 506-866-9002
    cgautrea@cmhc.ca

    Media Contact:
    Patricia Montreuil
    506-851-2229
    Cell: 506-866-8047
    pmontreu@cmhc.ca