Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

December 08, 2016 08:15 ET

Saskatoon housing starts trend higher in November

SASKATOON, SASKATCHEWAN--(Marketwired - Dec. 8, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,884 units in November compared to 1,857 in October, 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 November after local builders increased production of single-detached units. The singles sector in Saskatoon has continued to see a recovery in housing starts this year following a sharp reduction in the previous year. Nonetheless, continued weakness in economic and labour market conditions will constrain total housing starts in 2016," 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 1,393 units in November, down from 1,588 in October. Total actual housing starts in November declined by 58 per cent from one year prior, led entirely by the multiples sector where 25 units were started compared to 207 in November 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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To view the graph and tables associated with this release, please visit the following link: http://media3.marketwire.com/docs/161208_CMHC_Saskatoon_eng.pdf

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