SASKATOON, SASKATCHEWAN--(Marketwired - Sept. 8, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,963 units in August compared to 1,939 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 trended slightly higher in August from the previous month after local home builders increased production of multi-unit dwellings. Notwithstanding, weaker economic conditions, higher resale supply, and elevated new home inventory have slowed the pace of total housing starts so far this year compared to 2015," 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 2,200 units in August, up from 2,067 in July. Total actual housing starts in August increased 31 per cent from a year ago, led solely by the multiples sector where builders initiated 106 units compared to 52 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/1068692a.pdf