Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 10, 2014 08:15 ET

October 2014 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Nov. 10, 2014) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 5,309 units in October compared to 5,496 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 total housing starts moderated in October as construction, while elevated, could not maintain the strong pace set over the summer months. Housing starts in Winnipeg continue to be driven by the multi-family sector, where demand is supported by positive migration and an increasing number of empty-nesters looking to downsize," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.

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 5,017 in October, up from 4,015 units in September. Actual housing starts were also higher on a year-over-year basis with both the single-detached and multi-family sectors registering increases over October 2013. However, the total number of housing starts year-to-date continues to lag last year's total and is down five per cent compared to one year earlier.

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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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(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.

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/Winnipeg_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Dianne Himbeault
    Senior Market Analyst
    (204) 318-1754
    dhimbeau@cmhc.ca

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