Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 08, 2016 08:15 ET

Saskatoon Housing Starts Edge Lower in March

SASKATOON, SASKATCHEWAN--(Marketwired - April 8, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 2,291 units in March compared to 2,340 in February, 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 trend in total housing starts decreased slightly in March after a steady pace of single-detached construction was countered by a declining trend in multi-family starts. The overall trend in housing starts has been below the 3,000 level since April 2015, as local builders have continued to navigate weaker economic conditions and competition from a well-supplied resale market," 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 1,522 units in March, down from 2,125 in February. While both single-detached and multi-family starts contributed to the reduction in overall actual housing starts in March, the decline was most pronounced among multiples where only 50 units were initiated, compared to 123 in the same month one year prior.

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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Additional data is available upon request

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To view the graph and tables associated with this release, please visit the following link:

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