Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

August 09, 2016 08:15 ET

New Brunswick Housing Starts Trend Down in July

HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 9, 2016) - Housing starts in New Brunswick's urban centres were trending at 1,108 units in July compared to 1,187 in June according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"Normally July is one of the busier months for housing starts, however this year we had a busier spring. Likely some buyers would have wanted to take possession ahead of the HST increase on July 1st" said Michael Edwards, Senior Market Analyst with CMHC's Atlantic Market Analysis Centre. "Despite trending down over the past few months, starts are above the trend from July of last year" added Edwards.

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, analysing 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 767 units in July, down from 932 in June.

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.

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Additional data is available upon request.

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To view the graph and tables associated with this release, please visit the following link:

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