Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2013 08:15 ET

October 2013 Housing Starts in Kelowna

KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 8, 2013) - Housing starts in the Kelowna Census Metropolitan Area (CMA) were trending at 951 units in October compared to 827 units in September, 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 trend measure for both single-detached and multiple-family homes has moved up since August. Declining inventories of new, completed and unabsorbed homes coupled with rising MLS® home sales have supported increased levels of new home construction," explained CMHC Market Analyst Paul Fabri.

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 stand-alone monthly SAAR was 1,575 units in October 2013, compared to 881 units in September 2013.

Actual Vernon area starts moved higher in October 2013 compared to the same month in 2012, with rising single-detached home construction accounting for the increase. In Kamloops, housing starts were similar to levels recorded a year earlier. Prince George housing starts were lower than levels reported in October 2012.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

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.

Follow CMHC on Twitter @CMHC_ca

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.

Additional data is available upon request.

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To view the graph and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/910111a.pdf

Contact Information

  • Market Analysis Contact:
    Paul Fabri
    250-767-3502
    Cell: 250-212-8529
    pfabri@cmhc.ca

    Media Contact:
    Tracy Wells
    Telephone: 604-737-4162
    Cell: 604-999-7190
    twells@cmhc.ca