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Canadian housing starts slightly rise in September

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by Journal Of Commerce

Canadian housing starts were trending at 190,492 units in September compared to 188,440 in August, according to Canada Mortgage and Housing Corporation (CMHC).

Canadian housing starts were trending at 190,492 units in September compared to 188,440 in August, according to Canada Mortgage and Housing Corporation (CMHC).

“The trend in total housing starts edged up slightly in September, while remaining close to the range of roughly 182,000 to 188,000 units that was observed between March and August of 2013,” said Mathieu Laberge, CMHC deputy chief economist.

“This recent moderate gain is consistent with sales of existing homes, which have trended higher since February 2013. The trend in the new home market typically lags the trend in the existing home market.”

The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

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 volatile from one month to the next.

The standalone monthly SAAR was 193,637 units in September, an increase from 183,964 in August. The SAAR of urban starts increased by 4.3 per cent in September to 177,240 units. Multiple urban starts increased by 5.9 per cent to 113,705 units in September while the single urban starts segment saw an increase of 1.4 per cent to 63,535 units.

In September, the seasonally adjusted annual rate of urban starts increased in Atlantic Canada, the Prairies, British Columbia and Quebec, and decreased in Ontario.

Rural starts were estimated at a seasonally adjusted annual rate of 16,397 units.

JOC DIGITAL MEDIA

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