Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 11, 2016 08:15 ET

September 2016 Housing Starts in the Saguenay CMA

QUÉBEC CITY, QUÉBEC--(Marketwired - Oct. 11, 2016) - Housing starts in the Saguenay census metropolitan area (CMA) were trending at 382 units in September, compared to 344 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) of housing starts.

"Notwithstanding a small increase in the housing starts trend over the past few months, activity on the new home market in the Saguenay area has remained essentially unchanged. In fact, the pace of housing construction has remained rather weak from a historical standpoint since the beginning of the year. This is not surprising, however, given the significant supply of homes for sale or rent in the area," said Nicolas Bernatchez, Market Analyst at CMHC.

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 stand-alone monthly SAAR was 525 units in September, up from 299 in August.

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/1071919a_tables_graph.pdf

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