Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2015 08:15 ET

November 2015 Housing Starts Stable in British Columbia

VICTORIA, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2015) - Housing starts in British Columbia's urban areas(1) were trending at 30,512 units in November compared to 30,283 units 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 level of housing starts was relatively stable in November supported by demand for ground-oriented homes," said Carol Frketich, CMHC Regional Economist for BC. "A pick up in townhome starts more than offset a small decline in apartment starts. Single-detached and semi-detached home starts trends were relatively unchanged compared to October."

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 for urban starts in British Columbia was 25,507 units in November, compared to 33,451 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 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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(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.

To view the tables and graph accompanying this press release please click on the following link:
http://media3.marketwire.com/docs/1035843.pdf

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