Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 09, 2014 08:15 ET

May 2014 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - June 9, 2014) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,798 units in May compared to 3,703 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 total housing starts.

"The trend in total housing starts continued to edge upward in May with an increase in multi-family construction offsetting a decrease in the single-detached sector. The slower pace of single-detached construction was in response to higher new home inventories and increased competition from a well-supplied resale market," 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 was 5,362 units in May, down from 6,127 in April. Despite this decline the monthly SAAR remains elevated, bolstered by the multi-family sector where actual starts to the end of May were slightly ahead of the previous year.

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.

A graph and tables are available at the following link: http://media3.marketwire.com/docs/950770we.pdf.

Contact Information

  • Market Analysis Contact:
    Dianne Himbeault, Senior Market Analyst
    (204) 318-1754
    dhimbeau@cmhc.ca

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