Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 08, 2015 08:15 ET

September 2015 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - Oct. 8, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 13,027 units in September compared to 13,880 in August, 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 total housing starts.

"Housing starts trended lower in September as both single-detached and multi-family construction declined from the previous month," said Richard Cho, CMHC Principal Market Analyst for Calgary. "The decline is due to an increase in the number of new homes available, active listings in the resale market and weaker labour market conditions.

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 15,459 units in September, up from 13,301 in August. The rise in multi-family construction offset the decline in single-detached starts. Actual housing starts totalled 9,831 units after three quarters, down 29 per cent from 13,803 units during the corresponding period in 2014.

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.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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(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.

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1027865_ENG.pdf

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