Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 09, 2013 08:15 ET

November 2013 Housing Starts in British Columbia

VICTORIA, BRITISH COLUMBIA--(Marketwired - Dec. 9, 2013) - Housing starts in British Columbia's urban areas(1) were trending at 27,743 units in November compared to 26,754 in October, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)(2) of housing starts.

"The trend in housing starts edged higher in November and was broad based with all home types. Single-detached, semi-detached, townhomes and apartments all recorded a higher level of activity in November compared to October," said Carol Frketich, CMHC's Regional Economist for British Columbia.

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 26,954 units in November, compared to 23,966 units in October.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request.

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(1) Urban areas are centres with populations of 10,000 or more people.

(2) 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/916498e.pdf.

Contact Information

  • Market Analysis Contact:
    Carol Frketich
    250-363-8042
    Cell: 604-787-5598
    cfrketic@cmhc.ca

    Media Contact:
    Tracy Wells
    604-737-4162
    Cell: 604-999-7190
    twells@cmhc.ca