Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - June 8, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 11,991 units in May compared to 12,028 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 declined slightly in May," said Richard Cho, CMHC's Principal, Market Analysis for Calgary. "The increased selection of homes in the resale market along with a moderation in housing demand has tempered the pace of new home construction," added Cho.

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 12,504 units in May, up from 8,929 in April. Actual total housing starts in May increased on a year-over-year basis for the first time since October 2014. The gain can be attributed to the rise in multi-family starts, as single-detached starts were down from 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 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.

A graph and tables are available at the following link:

Contact Information

  • Market Analysis Contact
    Richard Cho, Principal, Market Analysis, Calgary
    (403) 515-2996

    Media Contact
    Renee Nat, Public Affairs Advisor
    (403) 515-2963