Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 08, 2016 08:15 ET

Winnipeg Housing Starts Increase in May

WINNIPEG, MANITOBA--(Marketwired - June 8, 2016) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,588 units in May compared to 3,318 in April, 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.

"Total multi-family starts continue to trend below 2015 levels, while single-detached starts are showing growth", said Braden Batch, CMHC's Senior Market Analyst for Manitoba. "The increase from April to May was driven by rental construction, although rental starts are still below 2015 levels year-to-date."

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 increased to 4,571 units in May from 3,480 units in April. Actual single detached starts increased 16 per cent year to date, while multi-family starts declined 27 per cent. In the multi-family construction condo and ownership units increased by 12 per cent while rental units were 47 per cent lower year-to-date.

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, LinkedIn, Facebook, and YouTube.

Additional data is available upon request

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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1058174a.pdf

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