Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 08, 2016 08:15 ET

Saskatoon housing starts trend lower in October

SASKATOON, SASKATCHEWAN--(Marketwired - Nov. 8, 2016) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,856 units in October compared to 2,062 in September, 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 declined in October after a rising trend in single-detached construction was more than offset by a declining trend in multi-unit starts. We expect housing starts in Saskatoon to end the year within CMHC's recently updated forecast range of 1,710 to 2,040 units for 2016, even as weak labour market conditions and elevated inventory constrain 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 1,588 units in October, down from 2,175 in September. Total actual housing starts in October declined 2.7 per cent from a year ago, led solely by the multiples sector where builders initiated 62 units compared to 83 in October 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/1075533a_tables_graph.pdf

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