Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2014 08:15 ET

November 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 18,566 units in November compared to 18,397 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)(1) of total housing starts.

"The trend in total housing starts in Calgary was relatively stable in November compared to the previous month," said Felicia Mutheardy, CMHC's Senior Market Analyst for Calgary. "A moderation in the trend of single-detached starts was offset by the continued elevated pace of multi-family construction."

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 12,780 units in November, down from 17,674 in October due to a sharp reduction in multi-family starts. Actual housing starts in November 2014 were lower year-over-year with reductions in both single-detached and multi-family production. However, year-to-date actual starts have increased by more than 4,500 units compared to last year due to strong multi-family production earlier in 2014.

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.

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/982874e.pdf.

Contact Information

  • Market Analysis Contact:
    Felicia Mutheardy, Senior Market Analyst
    (403) 515-3003
    fmuthear@cmhc.ca

    Media Contact:
    Charles Daniel Mainville,
    Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca