June 2015 Housing Starts in Calgary
CALGARY, ALBERTA--(Marketwired - July 9, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 13,436 units in June compared to 11,953 in May, 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.
"Total housing starts trended upward in June as multi-unit residential construction increased compared to last month," said Richard Cho, CMHC's Principal of Market Analysis for Calgary. "While the pace of total housing starts rose in June, this trend is not expected to persist throughout the year. Increased supply of new homes, coupled with weakened demand, will moderate new home construction," added Cho.
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 19,210 units in June, up from 12,445 in May. Multi-unit housing starts in June reached the second highest monthly total since March 2008 with 1,316 units breaking ground. Despite the elevated level of multi-unit residences initiated last month, starts in this sector were still down 26 per cent from June 2014. Single-detached starts in June also declined from the same month a year earlier.
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.
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Additional data is available upon request
(Ce document existe egalement en francais)
(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/1016344_ENG.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Renee Nat, Public Affairs Advisor