VICTORIA, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - Housing starts in British Columbia were trending at 27,722 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)1 of housing starts. The stand-alone monthly SAAR was 26,788 units in October, down from 27,184 units in September.
"New home construction maintained a steady pace in October compared to September but was below trend due to moderation in multiple-family housing starts," said Carol Frketich, CMHC's British Columbia Regional Economist.
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.
Single-detached starts added 579 actual units in October 2012. Multiple-family starts totalled 1,699 actual units in October, compared to 1,700 units reported in October of last year. Year-to-date total starts have reached 22,114 actual units with multiple-family projects accounting for three-quarters of housing starts so far in 2012. Overall, across the urban centres in the province, total starts this year remained ahead of the number recorded last year.
Preliminary Housing Starts data is also available in English and French at the following link: http://www.cmhc.gc.ca/en/hoficlincl/homain/stda/index.cfm.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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.
To view the tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/cmhc-bc-tabs.pdf.
Additional data is available upon request.
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