Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 10, 2014 08:15 ET

October 2014 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Nov. 10, 2014) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 18,382 units in October compared to 18,487 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 total housing starts.

"The trend in housing starts declined slightly in October as both single-detached and multi-family housing starts trended lower," said Felicia Mutheardy, CMHC's Senior Market Analyst for Calgary. "Despite the modest reduction, the pace of housing starts remains elevated, particularly in the multi-family market where the inventory of complete and unabsorbed units remains low."

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, analyzing 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 17,585 units in October, down from 18,312 in September. Despite a decline in single-detached construction, actual housing starts in October 2014 were higher on a year-over-year basis as multi-family starts reported a strong increase over October 2013.

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 high 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.

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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/977892a.pdf

Contact Information

  • Market Analysis Contact:
    Felicia Mutheardy, Senior Market Analyst
    (403) 515-3003
    fmuthear@cmhc.ca

    Media Contact:
    Charles Daniel Mainville, Senior Communications Consultant
    (403) 515-2915
    cdmainvi@cmhc.ca