Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 09, 2015 08:15 ET

October 2015 Housing Starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - Nov. 9, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,783 units in October compared to 5,159 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 in Winnipeg moved lower in September as a slightly higher pace of single-detached construction was more than offset by a decline in multi-family housing starts," said Lai Sing Louie, CMHC's Regional Economist for the Prairie region. "Although the trend of single-detached construction has been relatively stable in recent months, rising inventory and increased competition from the resale market have tempered construction this year," added Louie.

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 decreased to 4,544 units in October from 7,567 units in September. Actual housing starts were down eight per cent year-over-year as both single-detached and multi-family housing starts decreased.

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.

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.

A graph and tables are available at the followin link: http://media3.marketwire.com/docs/1031812e.pdf.

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