Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in Edmonton

EDMONTON, ALBERTA--(Marketwired - June 8, 2015) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 19,082 units in May compared to 19,617 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 housing starts moved lower in May as the trend of both single-detached and multi-family housing starts slowed. After being elevated in the first quarter, new home production is starting to ease as a result of softer economic conditions and more competition from the resale market," said Christina Butchart, CMHC's Principal, Market Analysis for Edmonton.

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 14,441 units in May, compared to 15,224 in April. Actual housing starts totalled 1,213 units in May, relatively flat from 1,216 in May 2014. Higher single-detached starts were off-set by lower multi-family housing starts, which declined on a year-over-year basis for the first time this 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: http://media3.marketwire.com/docs/1011267e.pdf.

Contact Information

  • Market Analysis Contact
    Christina Butchart, Principal, Market Analysis, Edmonton
    (780) 423-8729
    cbutchar@cmhc.ca

    Media Contact
    Renee Nat, Public Affairs Advisor
    (403) 515-2963
    rnat@cmhc-schl.gc.ca