Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

September 08, 2016 13:56 ET

Regina Housing Starts Continue Upward Trend in August

REGINA, SASKATCHEWAN--(Marketwired - Sept. 8, 2016) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,719 units in August compared to 1,460 in July, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts.

"Total housing starts in Regina trended higher for the third consecutive month in August, after local home builders increased production of multi-unit dwellings. While the trend was above CMHC's forecast range of 1,180 to 1,470 total starts for 2016, we continue to expect fewer housing starts in Regina by year-end than in 2015 due to weaker economic conditions and elevated new home inventory," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.

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 3,040 units in August, up from 2,336 in July. Total actual housing starts in August were up sharply from a year ago, after 202 multi-unit dwellings were started, compared to 93 in August 2015.

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.

For more information, visit our website at www.cmhc.ca or follow us on Twitter, YouTube, LinkedIn and Facebook.

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/1068680a.pdf

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