Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2014 08:15 ET

November 2014 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Dec. 8, 2014) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,823 units in November compared to 5,311 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 Winnipeg moderated for the second month in a row in November as construction slowed in both the single-detached and multi-family sectors. Elevated inventories, particularly in the multi-family sector, have prompted builders to scale back the initiation of new units," 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 was 2,481 units in November, down from 5,021 units in October. Actual housing starts were also lower on a year-over-year basis with both single-detached and multi-family sectors registering decreases compared to November 2013. As a result, the total number of housing starts year-to-date is down nine per cent compared to one year earlier.

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.

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/982915_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Dianne Himbeault, Senior Market Analyst
    (204) 318-1754
    dhimbeau@cmhc.ca

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