SASKATOON, SASKATCHEWAN--(Marketwired - Aug. 9, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,952 units in July compared to 1,961 in June, 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 was relatively stable in July after a slightly higher pace of single-detached construction was countered by a slowing trend in multi-unit starts. Compared to 2015, total housing starts in Saskatoon have unfolded at a much slower pace this year, largely due to weaker economic conditions, higher resale supply, and elevated inventory of completed and unsold units," 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 2,111 units in July, up from 1,909 in June. Total actual housing starts in July increased nearly seven per cent from July 2015, led solely by the singles sector where builders initiated 122 units compared to 95 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.
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/1065251a.pdf