Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

February 08, 2017 08:15 ET

Winnipeg housing starts trend upwards in January

WINNIPEG, MANITOBA--(Marketwired - Feb. 8, 2017) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 4,802 units in January compared to 4,513 in December, 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 housing starts trended upwards in January as the pace of multi-family construction increased from the previous month." said Heather Bowyer, CMHC's Senior Market Analyst for Manitoba. "Following elevated inventories that slowed production last year, several new condominium projects boosted construction this month," 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 increased to 8,112 units in January from 3,119 in December. On a year-over-year basis, actual housing starts more than doubled in January 2017 to 634 units from 284 the same time last year. This increase was primarily driven by multi-family starts which represented close to 80 per cent of total housing starts.

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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Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1085215_Winnipeg-E.pdf

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