September 2015 Housing Starts in Saskatoon
SASKATOON, SASKATCHEWAN--(Marketwired - Oct. 8, 2015) - Housing starts in the Saskatoon Census Metropolitan Area (CMA) were trending at 1,969 units in September compared to 2,094 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)(1) of total housing starts.
"Total housing starts continued trending lower in September, with both multi-family and single-detached construction down from August. With elevated inventories of new homes, and a weaker economic outlook for the region, builders have slowed the pace of new construction. With these factors in mind, CMHC expects fewer homes to be initiated in 2015 than in the previous year," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.
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 1,788 units in September, up from 1,583 in August. While the monthly SAAR measure increased in September from the previous month, actual total housing starts were much lower than a year ago, with both single-detached and multi-family sectors recording significant declines compared to September 2014.
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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(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.
Additional data is available upon request
(Ce document existe egalement en francais)
Tables and a graph are available at the following address: http://file.marketwire.com/release/27853e.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Courtney Gillis, Senior Public Affairs Advisor