September 2015 Housing Starts in Winnipeg
WINNIPEG, MANITOBA--(Marketwired - Oct. 8, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 5,149 units in September compared to 4,332 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.
"The trend in total housing starts in Winnipeg increased in September as the pace of multi-family construction moved higher while the trend in single-detached starts was relatively stable. Multi-family construction was driven by rental apartment starts which are being supported by a relatively low vacancy rate and rising rents," said Lai Sing Louie, CMHC's Regional Economist for the Prairie region.
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 7,549 units in September from 4,130 units in August. Higher multi-family starts pushed actual housing starts to 636 units, up from 338 in the same month of 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)
To view the graph and tables associated with this release, please visit the following link: http://file.marketwire.com/release/27842e.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Courtney Gillis, Senior Public Affairs Advisor