Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

January 10, 2017 08:15 ET

Winnipeg housing starts trend lower in December

WINNIPEG, MANITOBA--(Marketwired - Jan. 10, 2017) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,509 units in December compared to 4,653 in November, 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 December as new construction of multi-family homes slowed compared to last month." said Heather Bowyer, CMHC's Senior Market Analyst for Manitoba. "Overall, Winnipeg saw fewer housing starts in 2016 than last year due to lower multi-unit production, particularly within the apartment segment," added Bowyer.

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 decreased to 3,113 units in December from 5,363 in November. Actual housing starts totaled 230 units in December 2016, down from 286 units started in December 2015. Year-to-date through December, total actual housing starts have amounted to 4,054 units compared to 4,400 a year earlier, representing a decline of 8 per cent.

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/Winnipeg_En.pdf

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