October 2015 Housing Starts in Edmonton
EDMONTON, ALBERTA--(Marketwired - Nov. 9, 2015) - Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 15,034 units in October compared to 15,480 in September, 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.
"The trend in total housing starts declined in October as both single-detached and multi-family construction continued to trend lower. Slower employment growth, lower migration and a higher vacancy rate, combined with a near record high number of units currently under construction, are slowing production in the multi-family market," said Christina Butchart, CMHC's Principal, Market Analysis for Edmonton.
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 12,513 units in October, down from 13,491 in September. Actual housing starts were down 11 per cent year-over-year in October as both single-detached and multi-family housing starts declined.
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/1031814_ENG.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Courtney Gillis, Senior Public Affairs Advisor