Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 09, 2012 11:15 ET

September 2012 Housing Starts in Vancouver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2012) - Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 20,000 units 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)1 of housing starts. The standalone monthly SAAR was 20,239 units in September, compared to 20,465 in August.

1 All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

"Full-time employment gains have supported housing demand so far in 2012," said Robyn Adamache, CMHC's Senior Market Analyst for Vancouver.

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, analysing 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.

Single-detached starts added 293 actual units in September 2012. Multiple starts totalled 1,423 actual units in September with a similar number of units reported in September of last year. Year to date total starts have reached 14,828 actual units with activity concentrated in multiple starts. The Cities of Vancouver, Surrey and Coquitlam accounted for 58 per cent of all new multiple-family units started so far this year.

Housing starts in the Abbotsford-Mission CMA were trending at 382 units in September, according to CMHC. The standalone monthly SAAR was 325 units in September, up from 315 in August.

Preliminary Housing Starts data is also available in English and French at the following link: http://www.cmhc.gc.ca/en/hoficlincl/homain/stda/index.cfm

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

To view the map and tables accompanying this press release please click on the following link: http://media3.marketwire.com/docs/start2.pdf

Additional data is available upon request.

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