October 2013 Housing Starts in Victoria

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 8, 2013) - Housing starts in the Victoria Census Metropolitan Area (CMA) were trending at 1,666 units in October compared to 1,749 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.

"Victoria housing starts trended lower in October. The starts trend reflects moderating levels of multiple-family construction. The single-detached starts trend has remained relatively stable during the past six months," explained Etienne Pinel, CMHC's Senior Market Analyst for Victoria.

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 market which can be quite variable from one month to the next.

The standalone monthly SAAR was 854 units in October, down from 3,196 in September.

Preliminary Housing Starts data is 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/910100a.pdf