Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 10, 2017 08:15 ET

Saskatoon housing starts trend higher in December

SASKATOON, SASKATCHEWAN--(Marketwired - Jan. 10, 2017) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,911 units in December compared to 1,894 in November, 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 edged higher in December after local builders increased production of single-detached units. Nonetheless, there were fewer overall housing starts in 2016 than in the previous year, as weaker economic conditions and elevated inventory slowed the pace of new construction," 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 1,987 units in December, up from 1,420 in November. December's production pushed actual total housing starts in Saskatoon to 1,909 units in 2016, a decrease of 17 per cent from 2,293 units in 2015. A 37 per cent year-over-year reduction in multi-unit starts more than offset the nine per cent gain in single-detached construction from the previous year.

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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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/Saskatoon_En.pdf

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