Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 09, 2015 08:15 ET

October 2015 Housing Starts in Vancouver Trend Higher Due to Lower Inventories

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2015) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 21,595 units in October compared to 21,455 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.

"Housing starts trended higher this month as townhome and apartment construction increased," said Richard Sam, CMHC Principal, Market Analysis for Vancouver. "Lower inventories of newly completed and unsold condominiums have prompted builders to add more supply to the market," said Sam.

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 standalone monthly SAAR was 24,781 units in October, up from 18,082 units in September. Actual year-to-date starts were nine per cent higher than last year's levels.

Housing starts in the Abbotsford-Mission CMA were trending at 843 units in October, up from 837 units in September. An increase in single-detached apartment condominium starts moved the trend higher.

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

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

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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.

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:

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