HALIFAX, NOVA SCOTIA--(Marketwired - Dec. 8, 2016) - Housing starts in Prince Edward Island's urban areas were trending at 409 units in November compared to 509 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) of housing starts.
"There were fewer housing starts in November for both of Prince Edward Island's urban centres than there were the same month last year," said Sarena Teakles, Market Analyst with CMHC's Atlantic Market Analysis Centre. "Year-to-date new home construction is on track to fall within the forecasted ranges by the end of 2016," added Teakles.
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 271 units in November, up from 204 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.
For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.
Additional data is available upon request.
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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/e1079370.pdf