Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2015 08:15 ET

November 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Dec. 8, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,912 units in November compared to 4,780 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 increased in November as the pace of both single-detached and multi-family housing starts moved up," said Lai Sing Louie, CMHC's Regional Economist for the Prairie region. "An elevated number of apartment starts in recent months has led the trend in multi-family housing starts to its highest point in over a year," added Louie.

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 2,926 units in November from 4,540 units in October. Actual housing starts rose 18 per cent year-over-year as an increase in multi-family housing starts more than off-set a decline in the single-detached segment.

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.

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 t7o 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.

Follow CMHC on Twitter @CMHC_ca.

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: http://media3.marketwire.com/docs/1035835e.pdf.

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