Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2015 08:15 ET

May 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - June 8, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,820 units in May compared to 3,863 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 in Winnipeg declined from the previous month in May as builders reduced production in the single-detached and apartment sectors. The decline in the pace of construction was more pronounced in the single-detached sector as builders face more competition from increased listings in the 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 decreased to 2,210 units in May from 6,767 units in April, a result of declines in both the single-detached and apartment sectors. Actual housing starts also decreased, totalling 204 units in May 2015 compared to 488 in May 2014. Despite the decrease, higher multi-family housing starts earlier this year have brought year-to-date total housing starts to 1,569 units, four per cent more than the 1,509 units started for the same period one year prior.

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/1011281e.pdf.

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