REGINA, SASKATCHEWAN--(Marketwired - July 11, 2016) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,227 units in June compared to 1,073 in May, 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.
"The overall trend in housing starts moved up in June after both single-detached and multi-unit construction trended up from the previous month. After six months, total housing starts are unfolding in line with CMHC's forecast range of 1,180 units to 1,470 units for 2016. Moving forward, weak economic conditions and elevated inventory of complete and unsold units will continue to constrain starts over the remainder of the year," 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 1,761 units in June, up from 1,172 in May. While the SAAR measure increased from the previous month, total actual housing starts declined by 43 per cent in June from a year ago, led entirely by the multiples sector where only 80 units were started, compared to 242 in June 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/1062081a.pdf