Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 10, 2014 08:15 ET

October 2014 Housing Starts in Edmonton

EDMONTON, ALBERTA--(Marketwired - Nov. 10, 2014) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 14,664 units in October compared to 14,682 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 was relatively flat in October as an increase in the pace of single-detached starts was offset by a decline in the multi-family segment. Demand for single-detached homes is being supported by rising incomes, low mortgage rates, and relatively low inventory in both the new and resale markets," said Christina Butchart, CMHC's Senior Market Analyst for Edmonton.

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 14,377 units in October, compared to 14,980 in September. Actual housing starts also declined on a year-over-year basis, as a reduction in multiples offset a gain in single-detached units.

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/977912a.pdf

Contact Information

  • Market Analysis Contact:
    Christina Butchart, Senior Market Analyst
    (780) 423-8729
    cbutchar@cmhc.ca

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