Calgary Housing Starts Trended Higher in August
CALGARY, ALBERTA--(Marketwired - Sept. 8, 2016) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 8,999 units in August compared to 8,736 in July, 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 slightly higher in August as the pace of single-detached and multiples construction increased from a month earlier," said Cody Krause, CMHC Market Analyst. "Although the pace of construction remains relatively low, the trend in new home starts has started to stabilize and move closer in line with economic and demographic fundamentals."
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 8,569 units in August, down from 12,696 in July. Actual housing starts in August totalled 742 units, down 35 per cent from 1,134 in the same month in 2015. To the end of August, total housing starts reached 5,693 units compared to 8,532 during the same period in 2015.
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
(Ce document existe egalement en francais)
Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1068671a.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Courtney Gillis, Senior Public Affairs Advisor