Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in the Saguenay CMA

QUÉBEC CITY, QUÉBEC--(Marketwired - June 8, 2015) - Housing starts in the Saguenay census metropolitan area (CMA) were trending at 574 units in May, compared to 524 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.

"The trend in housing starts was up for a second straight month in May. This increase was essentially attributable to stronger activity in the semi-detached home segment," said Etienne Pinel, CMHC's Market Analyst for the Saguenay CMA. "Notwithstanding this rise, total housing starts are expected to decline this year, given the ever-growing choice of properties for sale."

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 stand-alone monthly SAAR was 803 units in May, up from 574 in April.

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 advice to Canadian governments, consumers and the housing industry.

To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/1011227A_TG.pdf

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 were 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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